Original article by Cliona O’Dowd
The Australian – Page: 17 & 19 : 1-Sep-20
IOOF Holdings has reported a 2019-20 underlying net profit of $128.8m, which is 35 per cent lower than previously, with revenue up 10 per cent at $1.17bn. Meanwhile, IOOF will boast $510bn worth of funds under management following its deal to acquire MLC, making it Australia’s largest retail wealth manager. CEO Renato Mota says the $1.4bn deal is ‘transformational’ for both IOOF and the broader wealth management industry. The deal with National Australia Bank will be partially funded via a $1.04bn capital raising.
IOOF HOLDINGS LIMITED – ASX IFL, MLC LIMITED, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB