NAB readies new fund manager
The National Australia Bank(NAB)Group is planning to launch a new boutique fund manager following the completion of its proposal to purchase the remaining in-house component of Insurance Australia Group’s Australian equities funds management operation.
The new Australian equity manager, Northward Capital, will function as a standalone, independent business, with the investment team eventually obtaining a majority holding. NAB Group will initially own a 51 per cent stake in the business.
The new venture is part of NAB Group’s direct investment management business, nabInvest, which is focused on building a portfolio of boutique investment firms.
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