October 10, 2019 / 10:56 PM / a month ago

Australia's IOOF sells stake in Perennial Value Management

Oct 11 (Reuters) - Australia’s IOOF Holdings on Friday said it sold its holding in domestic fund manager Perennial Value Management Ltd (PVM), aiming to focus on its core wealth management business.

IOOF, which held a 52.4% 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,” said IOOF Chief Executive Renato Mota.

Earlier this year, IOOF sold its majority stake in private wealth business Ord Minnett in a deal that brought in A$115 million ($77.7 million). ($1 = 1.4799 Australian dollars) (Reporting by Devika Syamnath in Bengaluru; editing by Richard Pullin)

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