NAB sells JANA stake

NAB

19 July 2017
| By Mike |
image
image
expand image

National Australia Bank has sold its 55 per cent stake in asset consulting business, JANA to the JANA senior management team.

The big banking group announced the sale today, ending around a decade of involvement in what represents one of the leading asset consultants to the superannuation industry.

Confirming the sale, NAB Asset Management executive general manager, Garry Mulcahy, said “this transition will mark an important evolution for both NAB Asset Management and JANA".

“As both businesses enter their next phases of growth, we believe the time is right for a new way forward to focus on our respective competitive strengths – NAB Asset Management as a global asset management business, and JANA as an industry-leading asset consulting firm,” he said.

“NAB Asset Management looks forward to partnering with JANA to leverage our complementary capabilities in providing investment advice and portfolio management solutions to our diverse clients.”

JANA chief executive, Jim Lamborn, said “this announcement marks an exciting next step in JANA’s 30 year history".

“The new management ownership structure model will give us greater flexibility to respond to the opportunities and challenges in the marketplace, and importantly will establish greater economic alignment between our clients and employees,” Lamborn said.

Read more about:

AUTHOR

 

Recommended for you

 

MARKET INSIGHTS

sub-bg sidebar subscription

Never miss the latest news and developments in wealth management industry

Random

What happened to the 700,000 million of MLC if $1.2 Billion was migrated to Expand but Expand had only 512 Million in in...

1 day 12 hours ago
JOHN GILLIES

The judge was quite undrstanding! THEN AASSIICC comes along and closes him down!All you 15600 people who work in the bu...

2 days 9 hours ago
JOHN GILLIES

How could that underestimate happen?usually the quote transfer straight into the SOA, and what on earth has the commissi...

2 days 10 hours ago

AustralianSuper and Australian Retirement Trust have posted the financial results for the 2022–23 financial year for their combined 5.3 million members....

9 months 4 weeks ago

A $34 billion fund has come out on top with a 13.3 per cent return in the last 12 months, beating out mega funds like Australian Retirement Trust and Aware Super. ...

9 months 2 weeks ago

The verdict in the class action case against AMP Financial Planning has been delivered in the Federal Court by Justice Moshinsky....

9 months 4 weeks ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND