IOOF’s $2.3b funds drain plugged by market gains

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The combined group’s investment funds closed the quarter with $98.3 billion under management, experiencing net outflows of $1.4 billion over the quarter, offset by $2 billion in market performance.

The net outflows were attributed to the loss of mandates from two big institutional clients, one of which redeemed its holdings in IOOF’s global listed real estate investment trust to invest directly in property and the other decided to bring investment capability in-house.

Its administration business, which includes the Evolve investment platform as well as legacy platforms from all three businesses, closed the quarter at $222.8 billion, up by $1.8 billion over the quarter.

The division experienced net outflows of $900 million, mostly from the former MLC and ANZ platforms, and made pension payments of $800 million. Market gains added a collective $3.4 billion to IOOF’s platforms.

IOOF chief executive Renato Mota said a “holistic product and platform…

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