National Australia Bank (NAB) has declared that it is currently transitioning around 20 new advice businesses to MLC licensees.
The declaration has been contained in a June quarter trading update released to the Australian Securities Exchange (ASX) today, with chief executive Cameron Clyne claiming that the NAB/MLC position on fees and commissions has attracted advisory groups to its brand.
He said that the MLC and NAB Wealth divisions had continued to deliver revenue momentum to the banking group in both the investments and insurance businesses.
Clyne said average funds under management remained relatively stable despite adverse investment market conditions, with net inflows strong, primarily from wholesale funds within JANA.
The ASX announcement said that NAB had recorded unaudited cash earnings for the June quarter of around $1.1 billion, which was in line with the quarterly average of the first half of the 2010 financial year.
