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IOOF HOLDINGS TO BUY AUSTRALIAN UNITS OF UK-BASED OM GROUP.

AsiaPulse News

| March 02, 2009 | COPYRIGHT 2009 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

SYDNEY, March 2 Asia Pulse - Wealth manager IOOF Holdings Ltd (ASX:IFL) will buy the Australian subsidiaries of the UK-based OM Group for $A34 million ($US21.64 million) to strengthen its position in the local financial services market.

IOOF will buy Skandia, a platform administration business with about $3.9 billion under management and administration, and Intech, which evaluates and chooses fund managers for clients with $4.2 billion under management.

The takeovers will be supported by IOOF's merger ...

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