IOOF (IFL) $3.20

IOOF (IFL) -10.61%: the worst of the top 200 today, IFL’s business update disappointed with FUMA falling marginally to $202.4b. For the most part, the fall was driven by one off drawdowns such as $8.1b from the termination of the partnership with BT Financial. This was largely offset by the market performance which added $12.7b to FUMA in the period, though the market was understandably more concerned with the number of clients pulling funds. The P&I arm, recently acquired from ANZ and key to the transformation IFL is set on, saw outflows of more than half a billion though CEO Renato Mota said the business is “making good progress towards the transformation.” We own IFL in the Income Portfolio, and while the result today is disappointing, we are backing them to do better than feared and emerge with a decent business on the integration of MLC.

chart

IOOF (IFL)

LAST UPDATED 02/02/2021 12:06

Close

chart

IOOF (IFL)

LAST UPDATED 02/02/2021 12:06