Business
IOOF managed funds dip $400m as advisers flee – The Australian Financial Review
The wealth management giant reported funds under management of $202.4 billion ahead of its high stakes takeover of NAB’s MLC Wealth.
Shares in IOOF slumped 3.63 per cent to $3.45 in early trade on Thursday.
Net outflows in the financial advice business totalled $1.3 billion, with 22 financial advisers choosing to exit the business over the quarter, taking $869 million in client funds with them.
IOOF chief executive Renato Mota said in a statement to the Australian Securities Exchange, that some of those practices we dont view as economically sustainable under our future advice model, indicating the exits were at least partly…
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