Last week fund manager IOOF Holdings Limited (ASX: IFL) announced the acquisition of National Australia Trustees Limited (NATL). This will become part of the trustee business, Australian Executor Trustees Limited (AET).
This acquisition is a strong strategic fit for IOOF and AET, and CEO Chris Kelaher said he is confident that it will positively contribute to growth across the group in addition to reinforcing the AET's national presence as a specialist trustee services provider.
IOOF Holdings Limited is an Australian financial service provider. IOOF offers financial products and portfolio administration services including investments, superannuation, immediate and deferred annuities, and investment trusts, in addition to financial planning and advisory, stockbroking, estate planning, and trustee services.
The company's annual profit dropped 16% to $116 million in the 2017 financial year.
