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
Recommended for you
Self-reporting issues to ASIC could lead to a reduced charge for a fund manager but it may not exempt them from enforcement action altogether, according to ASIC chair Joe Longo.
AllianceBernstein has announced its chief investment officer and Australian equity manager Roy Maslen is to step down from the firm at the end of the year.
Pinnacle Investment Management has announced it plans to launch a new affiliate from a global equities team departing Royal London Asset Management.
Asset manager Nuveen is seeing opportunity in municipal bonds which are at their highest yields in over a decade.
