***Newsflash*** ACCC blocks NAB's bid for AXA
The Australian Competition and Consumer Commission (ACCC) has again blocked National Australia Bank's proposed acquisition of AXA Asia Pacific.
The ACCC said it maintained its initial opposition of the bid on the basis that NAB's revised bid, which included divesting AXA's North platform to IOOF, did not "provide sufficient certainty that the ACCC's competition concerns will be addressed".
The ACCC considered that IOOF did not have sufficient distribution capability to provide an effective competitive constraint on existing key players in the foreseeable future, and as such, competition, particularly in the platform space, would be constrained if NAB's proposed acquisition was allowed to proceed.
Recommended for you
The new financial year has got off to a strong start in adviser gains, helped by new entrants, after heavy losses sustained in June.
Michael McCorry, chief investment officer at BlackRock Australia, has detailed how investors are reconsidering their 60/40 portfolios as macro uncertainty highlight the benefits of liquid alternatives.
Having reset its market focus to high-net-worth advisers, Praemium’s administration solution has been selected by Bell Potter in a deal that increases the platform's funds under administration by $6 billion.
High transition rates from financial advisers have helped Netwealth’s funds under administration rise by $3.7 billion in the fourth quarter of FY25.