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.
Recommended for you
Grant Hackett has been promoted from CEO of Generation Life to head up the wider Generation Development Group.
Tribeca Investment Partners has made a distribution hire from Australian Ethical in a newly-created role focused on the national intermediary market.
Asset managers may be urged to diversify their product ranges, but investment executives have warned any M&A deal should avoid simply filling gaps and instead consider long-term value creation.
Specialist wealth platform provider Mason Stevens has become the latest target of an acquisition as it enters a binding agreement with a leading Sydney-based private equity firm.
