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
Australia’s superannuation funds are becoming a defining force in shaping the nation’s capital markets, with the corporate watchdog warning that trustees now hold systemic importance on par with banks.
Payday super has passed Parliament, marking a major shift to combat unpaid entitlements and strengthen retirement outcomes for millions of workers.
The central bank has announced the official cash rate decision for its November monetary policy meeting.
Australia’s maturing superannuation system delivers higher balances, fewer duplicate accounts and growing female asset share, but gaps and adequacy challenges remain.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
225.31 3 y p.a(%)
2
Loftus Peak Global Disruption Fund Hedged
120.73 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
72.47 3 y p.a(%)
4
Paradice Australian Mid Cap A
69.09 3 y p.a(%)
5
Global X Ultra Long Nasdaq 100 Complex ETF
61.94 3 y p.a(%)
