IFL, IOOF HOLDINGS LIMITED

[nipper]

IOOF will buy Bendigo and Adelaide Bank's financial advice arm for $3 million and boost its funds under advice by $1 billion.

In an announcement to the Australian Securities Exchange on Wednesday, IOOF said it will take over Bendigo's client book and servicing rights, and provide financial planning services to Bendigo clients referred to it via an exclusive referral arrangement.

The acquisition is expected to complete on July 31.

IOOF said Bendigo advisers will approximately $1 billion of funds under advice.

Bendigo has also provided indemnities for any liability that may arise from Bendigo's conduct of its planning business prior to the completion of the deal, IOOF said.

IOOF acting chief executive Renato Mota said in a statement: “This partnership demonstrates how our diversified service capabilities continue to be attractive to advice groups looking to join a genuinely advice-led wealth manager.

"It is testament to our focus on our long-term vision and making advice more accessible to all Australians and we are pleased to deepen our partnership with an iconic community centric organisation”.

[blacksheep]

In Reply To: blacksheep's post @ Feb 3 2019, 12:36 PM

Updated chart - like the big 4 banks, IFL shorters appear to be covering hence the spike - SP currently up 12.91% @ $5.51

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[blacksheep]

In Reply To: blacksheep's post @ Jan 23 2019, 12:52 PM

An Upheaval Is Coming for Australian Banks
By Jackie Edwards
February 3, 2019, 8:00 AM GMT+11 Corrected February 3, 2019, 10:10 AM GMT+11
Inquiry may recommend financial firms be broken up, pay curbed
Bribery, forgery, charging the dead among scandals uncovered

Potential Charges
There will be some nervous people waiting to see if Hayne recommends criminal or civil charges against individuals or companies. The prospect of charges was raised during the hearings and all the big-four banks, AMP and IOOF acknowledged misconduct that in some instances may have breached the law. Hayne can’t lay charges, but he can recommend the public prosecutor consider bringing them.

https://www.bloomberg.com/news/articles/201...nd=premium-asia
total short positions as at 25/1/2019 = 9.13%
https://www.shortman.com.au/stock?q=ifl

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[blacksheep]

In Reply To: blacksheep's post @ Jan 23 2019, 12:52 PM

An Upheaval Is Coming for Australian Banks
By Jackie Edwards
February 3, 2019, 8:00 AM GMT+11 Corrected February 3, 2019, 10:10 AM GMT+11
Inquiry may recommend financial firms be broken up, pay curbed
Bribery, forgery, charging the dead among scandals uncovered

Potential Charges
There will be some nervous people waiting to see if Hayne recommends criminal or civil charges against individuals or companies. The prospect of charges was raised during the hearings and all the big-four banks, AMP and IOOF acknowledged misconduct that in some instances may have breached the law. Hayne can’t lay charges, but he can recommend the public prosecutor consider bringing them.

https://www.bloomberg.com/news/articles/201...nd=premium-asia
total short positions as at 25/1/2019 = 9.13%
https://www.shortman.com.au/stock?q=ifl

[blacksheep]

AMP shares are down 1.5 per cent at $2.59 and IOOF shares are down 3.7 per cent at $5.52.

Macquarie says AMP and IOOF have failed to make adequate arrangements to repay customers for practices unearthed by the Hayne royal commission.

The analysts at Macquarie estimate the two companies need to make additional provisions of more than $2 billion, James Frost reports.

Short positions as at 17th January, 2019 = 9.67%
https://www.shortman.com.au/stock?q=ifl

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[blacksheep]

In Reply To: blacksheep's post @ Dec 12 2018, 02:53 PM

Stockbroker collapse traps $200 million from thousands of investors
extract

IOOF is indirectly linked to Halifax through its wholly owned subsidiary Australian Executor Trustees which is the custodian for all of Halifax's preferential shares.

Apart from the $2.5 million in paid up capital held by AET on behalf of a client, Halifax has three other shareholders - Mr Worboys and former directors Andrew Baxter and Michael Barnett.

https://www.theage.com.au/business/markets/...111-p50qr8.html

Short positions as at 7 January 2019 = 10.74%
https://www.shortman.com.au/stock?q=ifl

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[blacksheep]

Updated chart - appears to be two camps here - one camp buying/thinking it's cheap, the other shorting/thinking it's got further to fall - 3 notable short alerts in last 3 trading days. Short positions @ 6 December = 9.83%. currently #11 on Shortmans Top 100.

Tue 11th Dec, 2018 3,533,815 351,076,027 1.00% 7,343,675 48.12%
Mon 10th Dec, 2018 7,803,940 351,076,027 2.22% 12,468,635 62.59%
Fri 7th Dec, 2018 4,592,705 351,076,027 1.30% 16,068,820 28.58%

https://www.shortman.com.au/stock?q=IFL

SP currently up 3.92% @ $4.51

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[nipper]

A landmark lawsuit to ban top executives at one of the nation's biggest wealth managers from managing superannuation funds has sent the $2.8 trillion industry reeling.

In the wake of stinging criticism at the royal commission, the prudential regulator on Friday took its first court action against a superannuation company in ten years suing wealth manager IOOF and a suite of its top executives for allegedly not acting in the best interests of its superannuation members.


The Australian Prudential Regulation Authority (APRA) alleges that IOOF chief executive Chris Kelaher, chairman George Venardos along with three other executives are not fit and proper people to handle retirement savings due to their alleged lack of understanding of conflicts of interest within the group.

Experts said the move signalled APRA's gloves were off after years of being a more soft-touch regulator of retirement savings.......

https://www.smh.com.au/business/banking-and...207-p50ky9.html

- totally conflicted model; but that's the nature of financial intermediation. Sadly, most in the 'industry', it's not a profession, observe the torrent of money pouring down like rain, and all they have to do is stick their hands out and help themselves.

[blacksheep]

In Reply To: nipper's post @ Dec 7 2018, 09:46 AM

I loved this bit of arrogance - "IOOF said its compensation scheme met the "pub test", in part because it received no complaints from affected super fund members"

The commission heard in August that IOOF made an accounting error and sought to compensate its members for that mistake.

But instead of dipping into its own corporate resources, IOOF took money out of the superannuation funds it managed.

This led to Michael Hodge QC, counsel assisting the commission, to accuse the company of using members' money to compensate themselves.

He also accused IOOF of breaching its duties as a superannuation trustee — duties to put members' interests above all else, even profit.

IOOF said its compensation scheme met the "pub test", in part because it received no complaints from affected super fund members:

https://www.abc.net.au/news/2018-12-07/ioof...ection=business
https://www.shortman.com.au/stock?q=ifl

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[nipper]

In Reply To: blacksheep's post @ Dec 7 2018, 09:35 AM

If interaction at the BDM level was a reflection on corporate culture, I'd never had a reaction as strong as with this outfit. "Cowboys" is polite.. RFYL