NAB Wealth helps solid quarter
National Australia Bank (NAB) has specifically referenced an improvement in the performance of its wealth business as it announced what it described as a "good" result in its Third Quarter Trading Update with a nine per cent increase in unaudited cash earnings to approximately $1.75 billion.
The trading update, released on the Australian Securities Exchange (ASX) today, saw the NAB Group chief executive, Andrew Thorburn referencing continuing momentum across the Australian and New Zealand businesses.
He said it was also pleasing to see results continue to improve in NAB's Wealth business, including delivering strong investment fund performance to the bank's customers.
Thorburn said the bank had continued to make good progress addressing its legacy and low returning assets to enable a greater focus on building a stronger Australian and New Zealand business.
The bank's broader business unit commentary said NAB Wealth cash earnings had increased, benefitting from favourable investment markets, and higher premiums combined within lower retail claims.
Recommended for you
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
Australian investors are more confident than their APAC peers in reaching their financial goals and are targeting annual gains of more than 10 per cent, according to Fidelity.
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.
Zenith Investment Partners has lost its head of portfolio solutions Steven Tang after 17 years with the firm, the latest in a series of senior exits from the research house.
