Ann: Investor presentation - IOOF FY 2018 results, page-167

I’m sure im looking at this through biased eyes, but I suspect ck was probably on his way out once anz was amalgamated in maybe 2-3 years.

I would imagine DC was being groomed to replace him so it will be interesting to see how he goes against APRA. APRA has managed to restore its image slightly, so to them the job is already half done and I wouldn’t be surprised to now see a settlement of sorts (but I certainly could be wrong). Looks like Renato May get a chance first.

I think in terms of net funds flow, i doubt most institutions would see this APRA action as action against dishonest management or a dodgy company, so I suspect now ck and gv are on the side lines and IOOF speed up fulfilment of the action plan, there shouldn’t be any reason why nff is seriously affected.

I think the move from retail to institutional money at the super level will have more of an effect.

The one path deal is a 50/50 probably at present. APRA will have to give the all clear to IOOF before anz signs off, but anz will want it to occur. I expect it to be delayed most likely.

Trying to assess eps and fcf is the tough bit. Will depends a lot on class actions and or APRA fine.