NAB has entered into an agreement to sell 100% of MLC Wealth to IOOF Holdings Ltd. (IOOF), including MLC’s advice, platforms, superannuation & investments and asset management businesses. NAB announced its intent to exit wealth management in 2018.
You can read our communications to MLC members and investors here.
Read the note to all MLC employees from CEO Geoff Lloyd.
Find out more about IOOF .
Completion of the transaction is subject to certain conditions, including regulatory approvals from APRA and ACCC. Subject to the timing of regulatory approvals, completion is expected to occur in the middle of calendar year 2021. Until this time MLC and IOOF will continue to operate as two separate companies.
For now, it is business as usual at MLC and we will continue to serve all clients, responsibly manage your funds in line with investment objectives, and keep you updated on ownership developments.