Type Public Industry Diversified Financials Headquarters Melbourne, Australia | Traded as ASX: IFL Website www.ioof.com.au Founded 1846 | |
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Key people Chairman, Roger Sexton; Managing Director, Christopher Kelaher Products Advice, investment, superannuation and trustee services Stock price IFL (ASX) A$ 8.33 +0.03 (+0.36%)17 Mar, 4:10 PM GMT+11 - Disclaimer Subsidiaries Select Managed Funds Limited, IOOF Ltd. | ||
IOOF Holdings Limited is an Australian financial services company which offers a range of products and services including financial advice, superannuation, investment management and trustee services. It was founded in 1846 as the Victorian branch of an international friendly society, and has its origins in the provision of sickness and funeral benefits prior to the widespread availability of government-funded welfare services.
Since demutualising in 2002 and listing on the ASX in 2003, IOOF has completed a number of mergers and acquisitions creating a significant financial services entity with more than $100 billion in funds under management, administration, advice and supervision and over 700,000 customers.
History of IOOF
IOOF Holdings Limited originated in Melbourne in 1846 as the Victoria Grand Lodge of the Independent Order of Odd Fellows, a international friendly society. By the late 1980s, the various Australian Grand Lodges of the Independent Order of Odd Fellows combined were the largest friendly society in Australia, with approximately 200,000 members.
The Victoria Grand Lodge demutualised in 2002, formed IOOF Holdings Limited, acquired Sydney-based financial services company AM Corporation, and listed on the Australian Stock Exchange (ASX) in 2003. In late 2006, IOOF acquired the remaining equity in Perennial Investment Partners Limited (PIPL), thereby strengthening its foothold in the funds management industry. In 2009, IOOF Holdings Limited acquired the Australian Skandia operations and merged with Australian Wealth Management Limited.
The IOOF group includes the following entities:
- Shadforth Financial Group Limited (Shadforth)
- Perennial Investment Partners
- Australian Executor Trustees
- Ord Minnett (70% ownership)
- Bridges Financial Services
- Consultum Financial Advisers
- Lonsdale
- Plan B Wealth Management
IOOF Holdings Limited (ASX:IFL) is understood to have a keen eye on acquisitions. It is thought to have recently made an informal approach to MyState Limited (ASX:MYS) for acquiring its trustee unit.