The transaction strengthens IOOF's position as the 2nd largest advice business in Australia by FUAdvice and positions IOOF as the 2nd largest advice business in Australia by adviser numbers and 5th largest platform provider in Australia by FUAdmin. This increase in scale provides opportunity to eliminate duplicate back office functions and realise scale benefits. IOOF has estimated run rate pre-tax cost synergies from the proposed acquisition to be A$65m per annum from FY2021, which is approximately 11% of the combined cost base of IOOF and ANZ Wealth Management. Mr Kelaher noted, "As a specialist advice-led wealth manager, IOOF is highly experienced in the management of advisory networks with a unique advice led proposition offering open architecture and additional services such as our IOOF Advice Academy.