APRA's Action Jeopardises IOOF's Reputation and ANZ Wealth Acquisition; Stock Under Review
The Australian Prudential Regulation Authority's uncompromising action seeking to disqualify several key employees of narrow-moat IOOF Holdings, including its CEO and chair, from acting as a responsible officer or trustee of a superannuation entity is a major hit to the company's reputation. We also expect it will lead to a senior management shakeup and place the Australia and New Zealand Banking Group/ANZ Wealth acquisition in serious jeopardy.We expected the ANZ Wealth acquisition to be the k...
IOOF Holdings is engaged in the financial services industry. Co. provides a range of wealth management solutions for Australians, including: financial advice and distribution services via its network of financial advisers and stockbrokers; platform management and administration such as superannuation and investment administration platforms for advisers, their clients and employers in Australia; investment management products that are designed for investors; and trustee services, including estate planning and administration, personal trustee services, self-managed super fund solutions and corporate trust.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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