IOOF announces name change

IOOF is poised for a rebrand to Insignia Financial to reflect the “significant change” the organisation has undergone over the last two years, culminating in the acquisition of MLC.

“We are at an important inflection point in the transformation of IOOF. We are proud of our 175-year heritage as a friendly society and feel it is time to have our corporate brand reflect who we are today and the opportunities ahead,” said Renato Mota, IOOF CEO.

“It felt appropriate to contribute to IOOF’s enduring legacy under a new brand – one that signifies what we stand for.”

The name, IOOF said, draws on the origins of IOOF, while signifying the fusing of organisations.

The wealth manager confirmed that it will remain committed to a multi-brand strategy, positioning MLC as a “key client-facing brand” across the group.

IOOF anticipates the costs of changing to the new corporate brand will be $2-3 million, funded from the existing transformation and integration budget.

The acquisition of MLC, as well as ANZ P&I last year, now sees IOOF boast 2.2 million clients, with 1,975 financial advisers on board.