National Australia Bank (NAB) has announced investment consultant JANA and MLC Investment Management are coming together to create an investment research, advisory, and portfolio management business.
It comes after NAB merged the implemented consultancy business of JANA and MLC in 2012 to create a combined total of $32 billion under advice.
"The investment expertise and considerable achievements of both teams put us in an incredibly strong starting position," NAB Asset Management executive general manager Garry Mulcahy said.
"Client centricity is and will continue to be the bedrock of the culture."
There will be two parts to the new business. It will operate under the JANA name but it is not a merger between JANA and MLC. It will be part of the broader NAB Asset Management division.
The first part will be advice and research and will be led by Ian Patrick. It will provide asset consulting to both traditional and implemented consulting clients. It will also provide all investment manager research for the group.
The second part will be portfolio management, led by Jonathan Armitage. Its role will be construction and ongoing management of all multi-manager sector and diversified portfolios provided through NAB Group platforms.
It will cater for both retail and institutional clients.
JANA's 82 staff and MLC's 25 staff will work together on the business.
