ANZ has sold its OnePath Pensions & Investments (P&I) and aligned dealer group (ADG) business to IOOF Holdings for $975 million.
The two businesses represent an aggregate profit of $39 million, with financial services company IOOF purchasing them in a deal representing over 25 times their combined FY17 net profits.
The deal also involves ANZ entering into a 20year strategic alliance to provide IOOF superannuation and investment products to ANZ customers.
OnePath P&I has over $48 billion funds under management and offers multiple retail and employer-targeted superannuation products.
The ADG business consists of 717 ANZ-aligned financial advisers, who manage $19.5 billion in funds under administration; it incl…
Read the full article at: https://www.canstar.com.au/superannuation/anz-sells-onepath-investment-businesses-ioof/