IOOF will take control of National Australia Bank’s MLC Wealth subsidiary at midnight on Tuesday, officially completing the bank’s partial retreat from the troubled wealth management sector since the Hayne royal commission.
NAB has completed the sale of the MLC superannuation and funds management business it purchased off Lendlease in 2000 for $4.5 billion, the bank said in a statement to the Australian Securities Exchange.
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Aleks Vickovich leads the Financial Review's coverage of wealth management, specialising in the business and regulation of investment markets, financial advice and superannuation. Email Aleks at aleks.vickovich@afr.com
