MLC now holds 100 per cent ownership of financial planning outfit Meritum Financial Group.
National Australia Bank (NAB) announced today that MLC had acquired the remaining equity in Meritum after taking a minority stake as a result of its acquisition of Aviva Australia last year.
Commenting on the transaction, MLC executive general manager of advice and marketing Richard Nunn (pictured) said Meritum would be added to MLC’s network of aligned advice businesses.
He said Stephen Trist, who had been the executive director for distribution and marketing at Aviva, had been appointed as general manager at Meritum.
Meritum boasts over 110 financial advisers with more than $3.5 billion in funds under management and in excess of $45 million in annual insurance premiums in force.
