POWERED BY MOMENTUM MEDIA
IOOF’s acquisition of OnePath delayed
IOOF and ANZ have agreed to changes to the contractual arrangements around IOOF’s acquisition of ANZ’s pensions and investments business, OnePath.
IOOF announced to the Australian Securities Exchange (ASX) today that the changes related to the acquisition of ANZ’s OnePath Pensions and Investments business.
It said that following recent actions by the Australian Prudential Regulation Authority (APRA) changes to the transaction agreements had been agreed to accommodate the likely delay in completion of the pensions and investments business to later this year.
It said the changes would enable the completion of a successor fund transfer, provide that completion of the acquisition would occur subject to the consent of the OnePath and Custodians and provide that the coupon rate of 14.4 per cent a year on the debt subscribed by IOOF from ANZ would be paid until the successor fund transfer was completed.
Commenting on the changes, IOOF acting chief executive, Renato Mota said the firm was continuing to work towards the effective completion of the initiatives outlined to the markets on 21 December in relation to the APRA licence conditions.
“We remain confident that completion of the pensions and investments acquisition should be able to occur shortly after the successor fund transfer completion,” he said.
Recommended for you
Governor Michele Bullock took a more hawkish stance on Tuesday, raising concerns over Donald Trump’s escalating tariffs, which sent economists in different directions with their predictions.
Equity Trustees has announced the appointment of Jocelyn Furlan to the Superannuation Limited (ETSL) and HTFS Nominees Pty Ltd (HTFS) boards, which have oversight of one of the companies’ fastest growing trustee services.
Following growing criticism of the superannuation industry’s influence on capital markets and its increasing exposure to private assets, as well as regulators’ concerns about potential risks to financial stability, ASFA has released new research pushing back on these narratives.
A US-based infrastructure specialist has welcomed the $93 billion fund as a cornerstone investor.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Global X GlobalX FANG+ ETF
33.51 3 y p.a(%)
2
Spire Oaktree Opportunities XI Second Close
32.68 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.62 3 y p.a(%)
4
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
5
Fidante Credit Suisse Global Private Equity
29.60 3 y p.a(%)
