IOOF is pleased to announce that it has signed an agreement with financial technology and infrastructure company, Sargon, for it to acquire IOOF’s Australian Executor Trustees – Corporate Trust business (AET Corporate Trust).
With a history spanning more than 130 years, AET Corporate Trust is a leading provider of quality corporate trust services to the financial services industry. It has more than $30 billion of funds under supervision.
At completion of the acquisition, which is expected to occur by the end of October and is subject to customary transaction conditions, the AET Corporate Trust business will be transferred to Sargon.
The provision of corporate trust services to the financial services industry is a specialist area that sits outside IOOF’s advice-led wealth management focus and is a stronger strategic fit with Sargon. During the past two years, Sargon has made a number of strategic acquisitions to bolster their capability and scale in trustee and custodian services to ultimately deliver the best possible outcomes for their clients.
IOOF will retain its AET Private Trust business; a core part of IOOF’s diversified business model, which focuses on private client trustee services, estate planning and compensation trusts.
IOOF will be working closely with Sargon to ensure the successful transition of our staff and systems. Importantly, IOOF and Sargon are also committed to ensuring a smooth transition for our clients and the continuation of superior client service.
You can also view the ASX release here or find out more here.
If you have any questions, please do not hesitate to contact your AET Corporate Trust relationship manager.