Australian financial services company IOOF has forged a strategic partnership with Grow Super and acquired a minority stake in digital superannuation provider for an undisclosed sum.
As part of the collaboration, IOOF plans to use Grow Super’s proprietary technology to attract younger corporate super fund members.
Both partners will support member engagement with superannuation besides providing suitable connectivity between investors and financial advice.
Additionally, Grow will work with IOOF licensees and financial advisers to further develop digital capabilities across a number of engagement points.
IOOF group general manager of wealth management Renato Mota said: “We are pleased to be working with the team at Grow Super. They have a proven capability in engaging investors through a leading digital experience.
“Grow believe in helping people make better financial decisions. We believe this is entirely aligned with our focus on financial advice and look forward to exploring this space together.”
Earlier in October 2017, IOOF agreed to acquire ANZ’s pensions and investments divisions of OnePath for A$975m.