National Australian Bank (NAB) has sold a large chunk of its funds management operations in the United Kingdom to London-based fund manager Tilney Investment Management.
The agreement involves NAB transferring the management of its two discretionary investment management businesses, UK Clydesdale and Yorkshire Bank Discretionary Investment Management, to Tilney, which is one of Britain’s largest independent fund managers with close to £5.7 billion in assets under management.
The two NAB divisions have over 1,500 clients with approximately £300 million in funds under management.
NAB said the sale is expected to be complete by June 2006.
The sale of the funds management divisions follows the AU$2.5 billion sale of Ireland’s Northern Bank and National Irish Bank in December 2004.
