IOOF puts AET on the block

Insignia (IOOF) has announced it is looking to sell its Australian Executor Trustees (AET) business.

The sale of AET was announced by the company in its half-year results announcement to the Australian Securities Exchange (ASX) with chief executive, Renato Mota suggesting that it was part of Insignia focusing on its core business.

The move was announced in the context of the company consolidating its platforms businesses and generally simplifying its product set.

The move to sell Executor Trustees comes after a failed process by the company in 2020 when it looked like it would be picked up by Equity Trustees. That transaction fell over when AET was reported to be the subject of regulatory action.

The AET corporate trust operating division was sold to Sargon Capital in 2018.

Mota’s statement in the half year result announcement said that Insignia would be commencing a competitive sale process for AET, describing it as “a high quality business adjacent to our core business”.

“The divestment is consistent with our aim of remaining focused on realising value in our core businesses,” he said.