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On 17 October 2017, IOOF Holdings Ltd (IOOF) entered into an agreement with ANZ to purchase its Pensions and Investments business and its four Aligned Dealer Groups (ADGs) – RI Advice, Millennium 3, Financial Services Partners and Elders Financial Planning*, collectively known as ANZ Wealth Management (ANZWM).
IOOF will also enter into a 20-year strategic alliance agreement with ANZ to distribute wealth products to ANZ customers across ANZ channels (except ANZ Private Bank).
The agreement does not include ANZ’s insurance business or ANZ Financial Planning.
Zurich will acquire ANZ’s life and consumer credit insurance business (OnePath Life) at around the same time as IOOF completes the acquisition of ANZWM.
IOOF will become the second largest financial advice provider in Australia by funds under advice and the fifth largest platform provider by funds under administration.
The transaction is expected to be completed in around 12 months from the transaction announcement in October 2017.
* Elders Financial Planning is 51% owned by Millennium 3 Financial Services
View the ASX announcement and Investor presentation.