IOOF acquisition of MLC gets green light
The Australian Prudential Regulation Authority (APRA) has approved IOOF’s bid to acquire MLC, including responsible superannuation entity (RSE) NULIS Nominees (Australia) Limited.
On 31 August, 2020, IOOF entered into an agreement with National Australia Bank (NAB) to acquire MLC wealth management businesses.
In an announcement to the Australian Securities Exchange (ASX), IOOF said it was working with NAB towards a completion date of 31 May, 2021 post market close.
IOOF chief executive, Renato Mota, said: “This transformational acquisition will create one of the industry’s largest advice-led wealth management organisations.
“MLC will deliver a step change in our scale and reach, providing substantial benefits to our clients, members, and ultimately our shareholders. We look forward to continuing to challenge ourselves to deliver accessible, affordable, and sustainable advice-led wealth management outcomes for the benefit of all Australians.”
Recommended for you
With wealth managers and advisers having minimal capacity for fund research, a BNY report has found simple alternatives strategies from established providers are those which resonate best with that audience.
Platinum Asset Management has seen its third major client withdrawal this year, flagging a large client will redeem $580 million by November.
ETF provider BlackRock has redefined its underlying investment strategy for the iShares Future Tech Innovators ETF and almost halved the management fees as it continues its local iShares product suite review.
Natixis affiliate IML has launched an active ETF aimed at retirees and income-focused investors, while Loftus Peak has unveiled a hedged version of its Global Disruption ETF.
