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IOOF completes sale of 70% stake in Ord Minnett

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IOOF completes sale of 70% stake in Ord Minnett

IOOF Holdings Ltd. said Sept. 24 that it completed the sale of its 70% stake in Ord Minnett Holdings Pty. Ltd. to a consortium of private investors led by the private wealth manager's management for a total consideration of A$115 million.

In June, IOOF Holdings agreed to divest its 70% ownership stake in Ord Minnett Holdings, with proceeds of the sale resulting in a posttax profit of about A$83 million to IOOF.