NAB creates largest retail super fund
National Australia Bank (NAB) has created what it is claiming as Australia's largest retail super fund after a consolidation of superannuation trustee arrangements following its insurance business transaction with Nippon Life.
The company announced that the fund had been named the MLC Super Fund and would boast around $70 billion in funds under management (FUM) and would include NAB's existing super offerings — MLC MasterKey and Plum superannuation and pensions.
Discussing the move with Money Management, MLC Wealth Advice executive general manager, Greg Miller, described the process as having amounted to a large simplification of the trustee arrangements around the various superannuation products.
He said the banking group had been progressively informing clients of the changes.
NAB Superannuation and Investment Platforms executive general manager, Paul Carter, said the consolidation of the super fund would, over time, make it easier for customers to move between various products and features with the fund.
The transaction with Nippon Life required the structural separation of the life insurance manufacturing business and the superannuation and investments business. Prior to the consolidation process, there were eight superannuation funds under three trustees.
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