NAB offloads majority stake in JANA asset consulting business

NAB is selling its 55pc stake in its influential JANA asset consulting business, as it continues to shed non-core assets.

Under Andrew Thorburn, NAB has been selling poorly performing or non-core businesses. Pic: AFP

National Australia Bank has offloaded its majority stake in its influential JANA asset consulting business that advises Australia’s top superannuation funds, as the bank continues its sale of non-core assets under CEO Andrew Thorburn.

NAB (NAB) today has agreed to sell a 55 per cent interest in the asset consultant to the JANA senior management team.

JANA is one of the four major asset consultants in the country 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 Australian Super.

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

All of the major banks have also been selling non-core businesses to raise money to meet APRA’s new capital requirements.

“As both businesses enter their next phases of growth, we believe the time is right for a new way forward to focus on our respective competitive strengths — NAB Asset Management as a global asset management business, and JANA as an industry-leading asset consulting firm,’’ said NAB Asset Management executive general manager, Garry Mulcahy.

“NAB Asset Management looks forward to partnering with JANA to leverage our complementary capabilities in providing investment advice and portfolio management solutions to our diverse clients.”

Jim Lamborn. Pic: Hollie Adams

JANA chief executive officer Jim Lamborn said: “This announcement marks an exciting next step in JANA’s 30 year history.

“The new management ownership structure model will give us greater flexibility to respond to the opportunities and challenges in the marketplace, and importantly will establish greater economic alignment between our clients and employees,” Mr Lamborn said.

“It will also ensure that we continue to have the best talent so that we can continue to provide leading research and investment insights.”