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…
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