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Corporate raider to failure: The rise and fall of John Elliott s tottering empire
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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.
Switzer Daily
The walls of the Melbourne headquarters of
Equity Trustees (EQT) are adorned with the portraits of former
prime ministers, premiers and governors-general who have served on the board of
the stately 133 year old institution.
The roll call of dignitaries includes 19
th century
premier Sir Charles Sladen, prime ministers Stanley Bruce and Robert Menzies
and former governor general Ninian Stephen.
In Marc,h former Abbott/Turnbull era Cabinet minister Kelly
O’Dwyer joined the board, filling a seat vacated by former Victorian premier
and Hawthorn Football Club president Jeff Kennett. (Kennett’s great
grandfather, Edward Fanning was a director for 30 years from 1888 to 1917).
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