Execs to buy out JANA from NAB

Asset consultant JANA has secured a management buyout of a majority stake in the business from its partner, NAB.

NAB chief executive Andrew Thorburn. Picture: Adam Yip.

One of the nation’s top asset consultants that advises top superannuation funds, JANA, will look to expand its client offerings in venture capital, private equity and distressed debt after securing a management buyout of a majority stake in the business from its partner, NAB.

NAB yesterday revealed plans to sell a 55 per cent interest in its asset consulting business JANA to the firm’s senior management team for an undisclosed sum, which NAB Asset Management executive general manager Garry Mulcahy said would “not move the dial at all” on the NAB balance sheet.

“This is not being driven by trying to get our hands on capital,” he said.

“We still strongly believe in this business and are its biggest client. It is not us trying to exit or get away from it — rather we want to capitalise on the growth of the business. We think this is the pre-eminent advisory firm in the market.”

Under the watch of chief executive Andrew Thorburn, NAB has been selling poorly performing or non-core businesses, especially offshore.

Twenty-five JANA executives and senior managers will receive equity in the business as part of the deal, which has been worked on for more than a year and will give the asset consulting firm the structure and agility of a professional services firm.

JANA is one of the four major asset consultants in the nation, alongside Frontier, Willis Towers Watson and Mercer, with funds under advice of more than $350 billion at June 30.

Its client base includes the country’s biggest super funds, including AustralianSuper.

“We like the agility of the professional services model. We want to be more agile, be able to move our resources around and most importantly retain and attract talent,” said JANA chief executive officer Jim Lamborn, who has been with the business for 15 years and became CEO 18 months ago.

We look at this as a best of both worlds outcome.’’