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…
-
Business22 hours agoBuy this monthly high-yield ETF instead
-
General16 hours agoMore buses without dedicated lanes likely after Gold Coast light rail plan scrapped
-
Business20 hours agoThis artificial intelligence (AI) stock could be the Nvidia of quantum computing
-
Business19 hours agoTesla just offered Elon Musk $1 trillion. Here’s what it could mean for the company.