NAB moves on GSJBWere wealth management
National Australia Bank (NAB) has announced the acquisition of 80.1 per cent of Goldman Sachs JBWere's private wealth management business in Australia and New Zealand as part of what it describes as a "strategic alliance".
The new business will be branded JBWere, with Goldman Sachs JBWere retaining a 19.9 per cent stake.
The transaction has been valued at $99 million.
JBWere advisers will retain full access to the existing range of services, investment research and products currently available through Goldman Sachs JBWere, as well as accessing additional services from NAB and MLC.
AUTHOR
Mike Taylor
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