NAB creates new wealth division
A new wealth services division aimed at high-net-worth clients has been created within National Australia Bank (NAB) Private Wealth, the private banking business within MLC and NAB Wealth.
The new division will draw on various arms of NAB Private Wealth including investments, financial planning, estate planning and private custody and trustee professionals, and will provide advice and investment solutions to high-net-worth clients.
Will Hamilton has been appointed general manager of the new division and will report to NAB Private Wealth executive general manager Angela Mentis.
Hamilton joins NAB Private Wealth from Westpac Private Bank where he was previously state manager for Victoria and South Australia and head of Premium Wealth Services. Hamilton will begin in his new role on June 15.
Meanwhile, the investment strategy and research function of the new division will be headed up by Philip Kimball, NAB Private Wealth’s chief investment officer, who will report to Hamilton. Kimball joined NAB from Citigroup in February this year.
Recommended for you
Sequoia Financial Group has declined by five financial advisers in the past week, four of whom have opened up a new AFSL, according to Wealth Data.
Insignia Financial chief executive Scott Hartley has detailed whether the firm will be selecting an exclusive bidder for the second phase of due diligence as it awaits revised bids from three private equity players.
Insignia Financial has reported a statutory net loss after tax of $17 million in its first half results, although the firm has noted cost optimisation means this is an improvement from a $50 million loss last year.
With alternative funds being described as “impossible” for fund managers to target towards advisers without the support of BDMs for education, Money Management explores the evolving nature of the distribution role.
