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There are four funds set to benefit from the completion of the acquisition of MLC Wealth by IOOF from National Australia Bank (NAB).
Yesterday, NAB completed its sale of MLC Wealth to IOOF, doubling the size of IOOF’s business to $494 billion in funds under management and an additional 406 MLC advisers would join the firm. The deal had first been confirmed at the end of August 2020.
After a dip at the start of the year following the announcement that it had lost $400 million in funds under management, advice and administration, shares in IOOF had risen 15% since the start of the year to 28 May, 2021. This compared to returns of 10.6% by the ASX 200.