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.
AUTHOR
Recommended for you
The Financial Services Council has appointed a new deputy chair for its board.
ASIC chair Joe Longo has told compliance professionals they need an “attitude of compliance” beyond written policies, how can AFSLs achieve this without alienating their advisers?
Peri and menopause training founder and TV journalist Shelly Horton has hit back at calls for businesses to introduce menopause leave.
Pendal has told investors it will start winding up its Enhanced Credit fund from December, its third fund closure this year.
