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
Vanguard has launched a suite of five model portfolios in partnership with Lonsec Investment Solutions to offer active-passive solutions for financial advisers.
ASIC commissioner Alan Kirkland has detailed the regulator’s intentions to conduct surveillance on licensees and advisers who are recommending managed accounts, noting a review is “warranted and timely” given the sector’s growth.
AMP and HUB24 have shared the areas where they are seeking future adviser growth, with HUB24 targeting adding more than 2,000 advisers to the platform.
Bravura Solutions has appointed a new chair and deputy chair to take over from departing Matthew Quinn, while Shezad Okhai picks up another responsibility.
