IOOF completes NAB trustee business acquisition
IOOF has completed the acquisition of National Australia Trustees Limited (NATL) by its trustee business, Australian Executor Trustees Limited (AET).
IOOF entered into an agreement with National Australia Bank (NAB) in June to purchase NATL, including the NATL Personal Trustee business and select trustee arrangements in the NATL Corporate Trustee business.
IOOF managing director, Christopher Kelaher, said: “We are excited by the benefits the acquisition will deliver to the advisers and clients of both AET and NATL”.
“NATL is a strong strategic fit for AET, with AET now becoming one of the largest providers of compensation trust services in Australia,” he said.
He added the increased scale would provide NATL clients with access to a wider range of specialist estate and trustee services, and said it demonstrated the firm’s commitment to providing advisers and clients with professional estate and trustee services as part of wealth management.
NATL customers would be contacted and advised of the change in ownership, IOOF said.
Recommended for you
The structural shift towards active ETFs will reshape the asset management industry, according to McKinsey, and financial advisers will be a key group for managers to focus their distribution.
ASIC has warned that practices across the $200 billion private credit market are inconsistent and, in some cases, require serious improvement.
A surge in electricity prices has driven the monthly Consumer Price Index to its highest level in a year, exceeding forecasts.
Infrastructure well-positioned to hedge against global uncertainty, says investment chief.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Loftus Peak Global Disruption Fund Hedged
118.15 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
75.00 3 y p.a(%)
3
DomaCom DFS Mortgage
67.30 3 y p.a(%)
4
UBS Solactive Global Pure Gold Miners UCITS ETF Dis USD
61.11 3 y p.a(%)
5
Global X Ultra Long Nasdaq 100 Complex ETF
60.93 3 y p.a(%)
