National shuffles staff after MLC review
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.
AUTHOR
Jason Spits
Recommended for you
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
