IOOF (company)

For the international lodge, see Independent Order of Odd Fellows
IOOF Holdings Limited
Public
Traded as ASX: IFL
Industry Diversified Financials
Founded 1846
Headquarters Melbourne, Australia
Key people
 Chairman, George Venardos;[1] Managing Director, Christopher Kelaher
Products Advice, investment, superannuation and trustee services
Owners 30,000 approx.
Website www.ioof.com.au

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.[2]

History of IOOF

IOOF Holdings Limited originated in Melbourne in 1846 as the Victoria Grand Lodge of the Independent Order of Odd Fellows, an 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.[3][4] 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.[5]

The IOOF group includes the following entities:[6]
- 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.

References

  1. ↑ https://www.ioof.com.au/about-us/about-ioof/our-people/board-of-directors
  2. ↑ Who we are, IOOF Holdings Limited
  3. ↑ IOOF finds climate not so friendly, The Age, 29 May 2002.
  4. ↑ IOOF to list on the ASX, abc.net.au
  5. ↑ Our History, IOOF Holdings Limited
  6. ↑ Our companies and brands, IOOF Holdings Limited


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