IOOF completes NAB trustee business acquisition
IOOF has completed the acquisition of National Australia Trustees Limited (NATL) by its trustee business, Australian Executor Trustees Limited (AET).
IOOF entered into an agreement with National Australia Bank (NAB) in June to purchase NATL, including the NATL Personal Trustee business and select trustee arrangements in the NATL Corporate Trustee business.
IOOF managing director, Christopher Kelaher, said: “We are excited by the benefits the acquisition will deliver to the advisers and clients of both AET and NATL”.
“NATL is a strong strategic fit for AET, with AET now becoming one of the largest providers of compensation trust services in Australia.”
He added the increased scale would provide NATL clients with access to a wider range of specialist estate and trustee services, and said it demonstrated the firm’s commitment to providing advisers and clients with professional estate and trustee services as part of wealth management.
NATL customers would be contacted and advised of the change in ownership, IOOF said.
AUTHOR
Malavika Santhebennur
Recommended for you
Franklin Templeton has announced it will close its Australian Core Plus Bond Fund, having changed two fixed income funds in its Brandywine range last week.
Investment solution provider Channel Capital has appointed James Archer as its latest distribution director, joining from Pinnacle Investment Management.
Bennelong Funds Management has signed a memorandum of understanding with US private credit manager Monroe Capital to distribute its products in Australia.
Global equity manager Talaria Capital has appointed a Sydney-based sales director as it grows its distribution presence across Australia.
