IOOF sells stake in fund manager PVM

IOOF Holdings has sold its holding in domestic fund manager Perennial Value Management Ltd, aiming to focus on its core wealth management business.

IOOF, which held a 52.4 per cent equity stake in PVM, did not disclose a payment for the divestment but said the "consideration for the transaction was supported by an independent valuation."

"The divestment of our investment in PVM allows us to focus on our core wealth management capabilities," IOOF chief executive Renato Mota said.

Earlier this year, IOOF sold its majority stake in private wealth business Ord Minnett in a deal that brought in $115 million.

Austrlaian Associated PressBack to Breaking News

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