NAB creates largest retail super fund
National Australia Bank (NAB) has created what it is claiming as Australia's largest retail super fund after a consolidation of superannuation trustee arrangements following its insurance business transaction with Nippon Life.
The company announced that the fund had been named the MLC Super Fund and would boast around $70 billion in funds under management (FUM) and would include NAB's existing super offerings — MLC MasterKey and Plum superannuation and pensions.
Discussing the move with Money Management, MLC Wealth Advice executive general manager, Greg Miller, described the process as having amounted to a large simplification of the trustee arrangements around the various superannuation products.
He said the banking group had been progressively informing clients of the changes.
NAB Superannuation and Investment Platforms executive general manager, Paul Carter, said the consolidation of the super fund would, over time, make it easier for customers to move between various products and features with the fund.
The transaction with Nippon Life required the structural separation of the life insurance manufacturing business and the superannuation and investments business. Prior to the consolidation process, there were eight superannuation funds under three trustees.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
