NAB restructure triggers MLC shuffle
The National Australia Bank’s wealth management business, MLC Australia, today announced a series of new appointments as part of the bank’s ongoing reorganisation of its business structure.
As part of the restructure, past MLC chief executive retail investments Steve Tucker was promoted to the new role of MLC Australia chief executive earlier in the year.
Today Tucker announced the composition of his new leadership team, which will now comprise a series of newly created roles that have been filled internally.
A past member of MLC’s National Corporate Development team, John Salamito, has been appointed general manager product solutions, former general manager of adviser and investor services Vicki Allen has been appointed general manager servicing solutions, former general manager institutional Scott Harley has been appointed general manager business development and former general manager of MLC MasterKey Custom Bill Wawn has been appointed general manager distribution solutions.
Michael Clancy will continue to head up MLC’s asset management business.
“These are newly created positions, so they are old rolls that are either an evolution of an existing role or in terms of Bill Wawn, for example, that is a brand new role,” said an NAB spokesperson.
Tucker said: “Our new structure enables us to increase our focus on customers and align behind our strategy to deliver integrated financial services.”
The wider NAB restructure was instigated by chief executive Ahmed Fahour last October in an attempt to raise accountability levels and break down internal silos. It involved the bank’s three key business units - institutional markets, financial services and the MLC business units - operating under three new categories - customer, products and support.
The arm of the National which is focused on the financial advice businesses, MLC Advice Solutions, experienced a similar staff restructure in October last year.
“MLC Advice Solutions is the customer line of the business and looks after the needs of financial advisers and mortgage brokers and MLC will look after the product manufacturing side of the business,” said an MLC spokesperson.
Recommended for you
With an advice M&A deal taking around six months to enact, two experts have shared their tips on how buyers and sellers can avoid “deal fatigue” and prevent potential deals from collapsing.
Several financial advisers have been shortlisted in the ninth annual Women in Finance Awards 2025, to be held on 14 November.
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
