The management team at JANA now fully owns the asset consultant, having bought out the 45% interest owned by Insignia Financial following its acquisition of MLC.
Insignia Financial has combined the management of diversified multi-asset strategies and separated out all directly-managed single asset class strategies while MLC chief investment officer Jonathan Armitage will retire.
New owner IOOF pledges to keep MLC brand alive
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IOOF chief executive Renato Mota has heralded the official end of the failed experiment of bank-owned wealth management while promising to keep the 130-year-old MLC brand alive after completing the $1.4 billion deal with National Australia Bank from his family home.
Locked down in the north-western Melbourne suburb of Essendon, Mr Mota was unable to welcome any of his 3100 new employees in person on Tuesday, nor sign the legal documents separating MLC Wealth from NAB after 21 years.
IOOF CEO Renato Mota completed the $1.4 billion purchase of National Australia Bank’s MLC Wealth from his home in Melbourne’s Essendon, which is under lockdown.
The acquisition of MLC Wealth (MLC) from National Australia Bank Limited (NAB) has been completed. IOOF announced that the acquisition will take that effect from 11:59pm on Monday night. The news wil
The acquisition has doubled the size of the IOOF business to $494 billion in funds under management and will see a single senior leadership and management structure in place.