Business
IOOF reaches $1.4b deal to buy NAB’s wealth business – Sydney Morning Herald
The deal will cement the big four banks’ exit from the super industry following a long list of scandals and mounting customer remediation bills.
The deal will swell IOOF’s funds under management to around $510 billion, with $173 billion of this in superannuation monies, making it the country’s second largest super fund in assets under management. Mr Mota told investors he expects to see five or six super funds dominate the industry in the coming years, as the non-profit and for-profit sectors consolidate and compete for clients.
“That convergence will result in a handful of very large funds,” Mr Mota said. “The expectation that Australi…
-
General18 hours agoMore buses without dedicated lanes likely after Gold Coast light rail plan scrapped
-
Noosa News20 hours agoStolen truck chase ends in arrest after chaotic three-hour pursuit from Brisbane to Tiaro
-
Noosa News17 hours agoBrisbane kindergarten thrown into chaos amid bitter dispute
-
Noosa News20 hours agoCrocodile Hunter’s father calls for influencer’s deportation over wildlife stunts