Not All Are Happy With IOOF Plans To Acquire MLC

Monday’s announcement by IOOF that it will buy 100 per cent of MLC for $1.44 billion will make it the largest player in Australia’s wealth industry on current numbers. The deal continues the exit of the big four banks from the wealth industry. According to IOOF, the acquisition would vault it to the very top of the list of retail wealth managers by funds under administration ($510 billion) and would make it the second-largest superannuation provider, with combined assets of $173 billion. The ambitious takeover, which is still subject to regulatory approval, would certainly make IOOF a new behemoth, but not all advisers in MLC’s wealth network were happy with the announcement.