The purchase of MLC by the National Australia Bank (NAB) and its intention to sell County Investment Management as announced last week has resulted in a number of key staff movements from both operations.
The purchase of MLC by the National Australia Bank (NAB) and its intention to sell County Investment Management as announced last week has resulted in a number of key staff movements from both operations.
The movements have been announced as part of a review of the NAB’s Global Wealth Management (GWM) division subsequent to the purchase of MLC, which also led to the decision to sell County.
Former Lend Lease Investment Management chief executive officer Bruce Coleman was appointed to a similar position with GWM Asset Management in May.
However under the new structure he will now have overall responsibility for National Asset Management and Strategic Alliances and the merged multi-manager portfolio business.
The integration process for these products will run over the next 18 to 24 months and will see the National Australia Funds Management diversified and multi-manager funds rolled into the MLC multi-manager funds.
Former MLC chief executive officer Peter Scott will oversee the integration between the two groups under the title of National GWM executive general manager. However National Asset Management (NAM) chief executive officer Paul Laband will not stay with the group and leaves at the end of September.
Current NAM executive director of equities Stephen Hiscock will move into the new position of GWM inhouse asset management general manager. Hiscock will cover NAM and also be involved with the running of the GWM Asset management division.
The review did not include any movement of staff as a result of the sale of County but decided the MLC investment team will remain untouched and maintain the manager of managers style.
The group, along with all MLC business will also remain in Sydney while NAM business will operate from Melbourne.
