NAB changes sees County for sale
County Investment Management is up for sale — only three years after the National paid $100 million for the business.
In announcing the sale, the National's managing director Frank Cicutto said County does not fit the bank's 'manager of manager' investment style.
"The National's strategic aim is to increase the value of our businesses and to accelerate growth where our expertise gives us a competitive advantage," he said.
"With this focus it was decided that County's opportunities as a leading broad-based wholesale fund manager in Australia would be enhanced with a new strategic partner… This also fits with our objective of divesting assets that are no longer a key element of our strategic vision."
The National bought County in October 1997. In the three years to date, County has grown its funds under management from around $9 billion to around $15 billion.
The sale is just one of a number of changes being made by the National following its recent purchase of MLC and subsequent strategy reviews.
In order to focus its manager of manager style, the group is folding MLC's Specialist Investment Management teams (debt and private markets) into National Asset Management and merging MLC's manager of manager business with the multi-manager portfolios of National Financial Management (All in One).
Cicutto argued that, "The new structure of our asset management operations provides the perfect platform to focus and build on the success of MLC's manager of managers investment approach."
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