Almost three years on from its tilt at The Trust Company, it's a perfect time for IOOF to reassess its presence in the trustee industry.
Street Talk understands the $2.4 billion funds management giant is mulling strategic options for its Australian Executor Trustees unit. Those include a potential divestment. 
AET is profitable but after IOOF missed out on a number of acquisitions, including Trust Company, the division is viewed as sub-scale.
While the unit has funds under supervision of almost $30 billion it is among IOOF's smallest divisions and accounts for just 5 per cent of net operating revenue.
IOOF is said to have held discussions at various times over the past two years about offloading the business without committing to a sale. The asset may fetch as much as $200 million.
Deliberations about the IOOF trustee unit follow the shifting of deck chairs in the industry over the past three years, leaving IOOF with few opportunities to bulk up. It is believed a formal decision has not been made to sell AET.
IOOF was elbowed aside in a three-way bidding war for Trust Company, losing out to rival Perpetual in 2013, after the competition regulator cleared the latter's offer.
The Chris Kelaher-led IOOF also missed out on snapping up ANZ Banking Group's trustee business, which was sold to Melbourne-based Equity Trustees in a $150 million transaction.
As part of that transaction, IOOF opted not to participate in a rights issue by Equity Trustees, diluting its holding in the ASX-listed group.
IOOF has typically used investment banks Citigroup and Nomura for advice over the past five years, turning to both firms this year in an unsuccessful tilt at StatePlus.
Elsewhere, as revealed by Street Talk on Thursday, CLSA's local research team has again been targeted by the funds management industry.
David Thomas, head of Australian consumer research, is leaving CLSA en route to investment manager Ellerston Capital.
Thomas is handing the reins at CLSA to colleague Richard Barwick, who joined the firm in 2011.
Also said to be leaving CLSA is emerging companies analyst Naveen Patney, who is heading to boutique manager Renaissance Smaller Companies.
CLSA's Shaun Weick will assume Patney's responsibilities.