IOOF completes divestment of Ord Minnett

IOOF confirmed the sale completion yesterday, with a consortium of private investors led by Ord Minnett taking the stake as part of their new full ownership of the company. 

The divestment was first publicised in June, with giants IOOF and JPMorgan both agreeing to cast off their respective stakes to the private investors. 

JPMorgan held 30 per cent ownership.

Ords had been under IOOF and JPMorgan ownership for more than a decade.

Renato Mota, chief executive of IOOF said: “This is a timely opportunity for IOOF to divest its holding in Ord Minnett as we recalibrate our business and focus on our core wealth management capabilities.”

Ords has reported it holds more than $35 billion in funds under advice.