NAB acquires stake in NY property fund manager

10 March 2011
| By Milana Pokrajac |

National Australia Bank’s (NAB’s) direct asset management business, nabInvest, has acquired a 35 per cent stake in AREA Property Partners – a real estate fund manager based in New York.

This is the third investment nabInvest had made in an overseas fund manager since the business was established in October 2007.

Executive general manager of asset management at MLC and NAB Wealth, Garry Mulcahy, said the acquisition was in keeping with NAB’s wealth strategy, a part of which was to expand its participation in direct asset management through partnerships with selected fund managers.

“Real estate as an asset class continues to attract investor attention and, with limited growth of investment-grade real estate in Australia, increased demand will require offshore investment,” Mulcahy.

Three NAB representatives will join AREA’s eight-member board.

AREA’s management team would remain unchanged and the business will continue to be led by chairman William Mack and global chief executive officer, Lee Neibart.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 1 week ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 1 week ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 1 week ago

A Sydney-based financial adviser has been banned from providing financial services in the interest of consumer protection after failing to act on conduct concerns. ...

3 weeks 3 days ago

ASIC has cancelled the AFSL of a $250 million Sydney fund manager, one of two AFSL cancellations announced by the corporate regulator....

3 weeks 1 day ago

Having divested its advice business in August, AMP is undergoing restructuring in at least four other departments amid a cost simplification program....

2 weeks 4 days ago