Financial services firm IOOF Holdings has agreed to buy Axa Asia Pacific Holdings' (Axa APH) North investment platform.
The purchase is conditional on National Australia Bank's (NAB) $13.3 billion acquisition of Axa APH being approved by the competition regulator.
IOOF said its acquisition of the North platform will include an agreement for IOOF to provide platform administration services to Axa APH for the North products for a minimum of three years after completion of certain planned enhancements to the platform.
The platform already has around $1.4 billion in funds under administration.
"IOOF has a clear strategy for growth underpinned by our significant strength and depth of distribution, including approximately 640 aligned advisers and almost double that number of independent financial advisers who actively utilise IOOF's platforms," IOOF managing director Chris Kelaher said.
"The acquisition of the North investment platform business will provide us with a low-risk opportunity to accelerate that growth."
Earlier this morning, the Australian Competition and Consumer Commission said it would begin market consultation on proposed undertakings offered by NAB to to buy Axa APH.
