M and A
IOOF Names MD After Merger With Australian Wealth Management
Chris Kelaher, the current head of Australian Wealth Management, has been named managing director of IOOF Holdings following the two firms’ merger.
Current IOOF chairman Ian Blair will become chairman of the merged business.
“The recent downturn has illustrated the importance of size and scale in terms of competitive position and the new company, through the synergies, will be much stronger and better placed to compete in the current marketplace,” said Mr Blair.
Once the merger is completed on 12 May, the new company, which retains the name IOOF Holdings and its Melbourne headquarters, will be owned 30 per cent by IOOF shareholders and 70 per cent by AWM shareholders.
As at 31 December 2008, AWM has A$56 billion ($39.4 billion) in funds under management, administration, advice and supervision.
