Definitions
from The American Heritage® Dictionary of the English Language, 5th Edition.
- abbreviation Independent Order of Odd Fellows
Etymologies
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Examples
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For that to happen, IOOF would have to lure financial planners away from much larger platforms run by NAB, Macquarie Group and Westpac.
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Moreover, there's little certainty that IOOF will be able to turn the North platform into a meaningful player.
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Spokespeople for NAB and IOOF declined to comment on the report.
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The regulator said the proposed undertakings also rely on third parties completing certain actions, and involve complex and long-term behavioural obligations that present risks, creating uncertainty that IOOF could become an effective competitor to the combined NAB-AXA.
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Critically, because IOOF lacks the infrastructure needed to make North a competitive force in its own right, NAB has also promised to provide the company with financial support, and technical expertise, and to channel business its way for three years.
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The bank has been discussing a possible sale of the platform to local wealth manager IOOF Holdings Ltd. and a newspaper report Wednesday claimed that NAB has lodged an updated version of its bid with the ACCC, including a plan to sell North to IOOF for less than A$50 million.
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"Following market consultation, the ACCC will decide whether to accept or reject the proposed undertakings, including IOOF as a proposed purchaser of the divestiture business," the ACCC said.
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"The undertakings as proposed place a heavy reliance upon IOOF having sufficient distribution capability to provide an effective competitive constraint upon existing key players in the foreseeable future," said Kell.
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The biggest shareholder with about 18 per cent is Questor Financial Services, an arm of IOOF.
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Burial will be in the IOOF Cemetery in Bloomfield.
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