Australian fund manager IOOF quits NZ

Australian fund manager IOOF quits NZ
Paul McBeth
Australian fund manager IOOF is leaving New Zealand after agreeing to sell its Kiwi client rights to local firm, Britannia Financial Services for an undisclosed sum. The fund manager’s Integral Master Trust managed five funds for more than 5,000 clients with about A$553 million under administration at March 31. That was IOOF’s primary business in New Zealand, and it closed its local operation effective from April 15. IOOF said the sale proceeds weren’t material to earnings, and that the cost of closing down its Kiwi operation was negligib...

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