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Report: IOOF Holdings mulls selling stake in Ord Minnett

Australia's IOOF Holdings Ltd. could sell its stake in broking and advisory group Ord Minnett Group Ltd., The Australian Financial Review's Street Talk blog reported Feb. 8.

The asset manager is considering selling part of its 70% stake in Ord Minnet to JPMorgan Chase & Co., with the rest of the shares to be offered to Ord Minnet staff as part of a management buyout.

JPMorgan holds a 30% stake in Ord Minnet.

It is unclear how advanced the negotiations are with regard to the potential deal, the report noted.