string(3) "url" ["menutype"]=> ["link"]=> You need JavaScript enabled to view it. ["language"]=> ["show_no_articles"]=> The latest IOOF news, articles, data and analysis from The Sydney Morning Herald ["menu_image"]=> string(3) "376" The Australian Financial Review reported on Wednesday that the company was making a bid to buy National Australia Bank Ltd's (Reporting by Rashmi Ashok in Bengaluru; Editing by Peter Cooney string(1) "1" string(0) "" ["anchor_rel"]=> 3 lender put MLC on the market in 2018 then shelved the sale a year later as it sought to replace the bank’s previous CEO in the wake of the industry inquiry. IOOF (ASX:IFL) has posted a $147 million statutory net profit for the year to the end of June, up 415 per cent from $28.6 million a year ago. Shares were already halted on Friday at the company’s request. ["deeper"]=> (Reuters) - Australian wealth manager IOOF Holdings Ltd (The company said the capital raising comprised an institutional placement, a non-renounceable entitlement offer and a share purchase plan.
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SMSF Adviser brings you exclusive access to educational content to help you stay at the top of your game.Up-to-date, specialised strategy is core component of an SMSF professional’s arsenal. To read our articles you will need to either login or subscribe. string(1) "0" string(69) "index.php?option=com_content&view=category&layout=momentum:smsf&id=84" IOOF has agreed to acquire MLC Wealth, the wealth management business of National Australia Bank (NAB) for AUD1.44bn ($1.06bn). ["level"]=> string(10) "/tags/news" }
} Wealth manager IOOF Holdings will acquire National Australia Bank's wealth business, MLC, for $1.44 billion to help save costs and expand its reach. ["show_description_image"]=> ["parent"]=> ["query"]=> ["home"]=> ["menu-anchor_css"]=> string(0) "" ["show_category_title"]=> string(1) " " News enables you to be a well informed member. string(314) "
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string(0) "" string(5) "money" NAB has today entered into a Sale and Purchase Agreement to sell 100% of MLC Wealth (MLC) to IOOF Holdings Ltd. (IOOF) for a purchase price of $1,440 million.The agreement follows the strategic decision announced by NAB in 2018 to pursue an exit of MLC and is in line with NAB’s strategy to simplify and focus on its core banking business, while creating a stronger future for MLC.
["show_cat_tags"]=> object(stdClass)#6935 (66) { ["data":protected]=> string(8) "mainmenu" int(1) The agreement follows the announcement by NAB in 2018 to exit the business, saying the decision is in line with its strategy to simplify and focus on … object(Joomla\Registry\Registry)#12427 (3) { (Bloomberg) -- IOOF Holdings Ltd. has agreed to buy National Australia Bank Ltd.’s wealth management unit for A$1.44 billion ($1.1 billion) as its transformation gathers pace.
string(0) "" ["browserNav"]=> string(1) "." Australia’s No. Wealth manager IOOF has launched a $1 billion capital raising to help fund the acquisition of MLC Wealth in a deal worth $1.4 billion. ["show_category_heading_title_text"]=> The most powerful knowledgebase mapped from 20 years of research and insight into every WA Read full article: IOOF kicks off $1.04b equity raising for...→ 2020-08-31 IOOF Limited has outlined a reduction in the number of advice businesses operating under its banner from five to two, along with Bridges being transformed to a fully salaried network.. string(1) "1" Creating and managing wealth for an SMSF client requires specialist understanding of products, markets and investment rules. ["menu_text"]=> string(0) "" NULL ["separator"]=> string(1) "*" string(0) "" string(0) "" ["parent_id"]=> The deal underscores a dramatic reshaping of Australia’s retail finance industry after a public inquiry exposed regulatory scandals at the country’s top lenders, forcing them to carve off non-essential businesses. SMSF Adviser analyses and interprets regulatory and legislative changes to ensure the SMSF sector is kept informed on the tips, tools and best practice for serving SMSF trustees.SMSF Adviser also keeps professionals informed on what strategies cutting-edge businesses are using to keep ahead of the competition, including what technologies, marketing tools and HR strategies are getting the best results.Wealth group IOOF has announced it has entered into transaction agreements with National Australia Bank to acquire 100 per cent of NAB’s wealth management business, MLC, for $1.44 billion.IOOF will acquire 100 per cent of MLC, including its financial advice, platforms and asset management businesses for a total purchase consideration of $1,440 million.According to an ASX statement by IOOF, the acquisition will make IOOF the largest advice business with an estimated total of 1,884 advisers. ["anchor_css"]=>
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily. ["type"]=> string(10) "/tags/news" string(0) "" ["note"]=> IOOF NEWS I.O.O.F. Get the inside scoop on every news story and connect with WA’s biggest leaders. Miranda has also directed SMSF Adviser's print publication for several years.