IOOF surprises

BESIEGED wealth manager IOOF has posted a markedly higher first-half profit and vowed to “restore trust” while committing to buying ANZ’s pensions and investments division. IOOF yesterday reported a net profit of $135.4 million for the six months to December, up from $45.2 million in the same period a year earlier. IOOF’s shares surged after the results were published, closing 16.4 per cent higher.