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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 ...