IOOF acquisition of MLC gets green light


The Australian Prudential Regulation Authority (APRA) has approved IOOF’s bid to acquire MLC, including responsible superannuation entity (RSE) NULIS Nominees (Australia) Limited.
On 31 August, 2020, IOOF entered into an agreement with National Australia Bank (NAB) to acquire MLC wealth management businesses.
In an announcement to the Australian Securities Exchange (ASX), IOOF said it was working with NAB towards a completion date of 31 May, 2021 post market close.
IOOF chief executive, Renato Mota, said: “This transformational acquisition will create one of the industry’s largest advice-led wealth management organisations.
“MLC will deliver a step change in our scale and reach, providing substantial benefits to our clients, members, and ultimately our shareholders. We look forward to continuing to challenge ourselves to deliver accessible, affordable, and sustainable advice-led wealth management outcomes for the benefit of all Australians.”
Recommended for you
The $673 billion global investment manager has appointed a former Zenith sales head as it seeks to expand its reach in the Australian wealth management market.
Fund managers may be operating in a squeezed environment, but a salary guide shows they are willing to pay up for specialist talent to diversify their fund range.
Reach Alternative Investments has entered into a strategic partnership with Russell Investments to bolster its wholesale private markets offering for financial advisers and investors.
Boutique investment consulting and research house Genium Investment Partners has announced a senior appointment to drive further growth in its research ratings business.