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MLC ownership update

Agreement to sell MLC to wealth manager IOOF

On 31 August 2020, National Australia Bank (NAB) announced an agreement to sell MLC to wealth manager, IOOF Holdings Ltd (IOOF). MLC and IOOF will form one of Australia’s leading advice-led wealth management organisations looking after 2.4 million Australians. The sale is expected to be completed on 31 May 2021. Until this time, MLC and IOOF will continue to operate as two separate companies.

Throughout the sale and beyond, we'll continue to provide our investment, superannuation and financial advice services to our corporate, institutional and retail clients and as always, we'll continue to put our clients at the heart of everything we do.

An important part of this is keeping everyone informed about the progress of the sale. You can see updates and major announcements regarding the sale below.

About IOOF

IOOF is an Australian wealth management group providing financial advice, investment, superannuation and trustee services. They’ve been helping Australians secure their financial independence for over 170 years and have grown to become a leading provider of quality financial advice, products and services.

Key facts:

  • Founded in 1846 as a friendly society
  • ASX top 200 company (ASX code: IFL)
  • $202 billion in funds under management, as at 31 December 2020
  • ~2,000 employees
  • As at 30 June 2019 IOOF have gifted more than $14.5 million to over 200 charities nation-wide through the IOOF Foundation
  • Offices in Melbourne, Sydney, Adelaide, Brisbane, Perth and Hobart

Get to know more about IOOF at ioof.com.au

Latest updates

May 2021: Our new beginning with IOOF

Our sale from NAB to IOOF is expected to be completed on 31 May 2021.

Joining forces with IOOF is a great opportunity for us—and all our clients—as it reinforces our standing as part of a leading wealth management company. The sale will create a newly expanded and demonstrably more significant investment, super and financial planning business, one of the largest in Australia. That’s important, because scale can help financial providers reduce costs and fees, and broaden services.

Communications and announcements

Keep up to date with the latest communications and announcements.

Changes due to the sale

While most things will stay the same, there are a couple of changes you should be aware of.

Some policies will change once we join IOOF, with the privacy policy being a key one. There are also a number of entities that are included in the sale—some of which are involved in the management of your investments.

We provide more detail about these two changes below.
 

Privacy policy changes

Protecting clients’ privacy is very important to us and IOOF.

Prior to the sale to IOOF, the NAB Privacy Policy covered NAB and its related companies which includes NULIS Nominees (Australia) Limited, Navigator Australia Limited and MLC Investments Limited who issue superannuation, investment and retirement products.

When we become part of IOOF, the IOOF privacy policy will apply to NULIS Nominees (Australia) Limited, Navigator Australia Limited and MLC Investments Limited. A copy of the IOOF’s policy is available at ioof.com.au/privacy

Although the privacy policy is changing and we may start to share your information with IOOF, the way we use your information won’t change. We may disclose your personal information to other IOOF Group members, and to external parties including your employer and MLC Limited for account management, product development and research, just like we do today.
 

MLC Wealth entities

The MLC Wealth Limited group of companies offers a range of superannuation, investment and retirement products. The following entities will be part of the sale and will transition to IOOF:

  • NULIS Nominees (Australia) Limited
  • Navigator Australia Limited
  • MLC Investments Limited
  • MLC Asset Management Services Limited
  • Antares Capital Partners Ltd.

MLC Asset Management, a division within MLC Wealth Limited partners with some of the best boutique investment managers from around the world. The investment managers listed below are wholly or partly owned by NAB. The portion owned by NAB will form part of the sale to IOOF, with no change to the remaining portion not owned by NAB.

  • Antares Capital Partners Ltd
  • Fairview Equity Partners Pty Ltd
  • Intermede Investment Partners Limited
  • MLC Asset Management Pty Limited
  • Presima Inc

JANA Investment Advisers Pty Ltd (JANA) has been appointed by NULIS Nominees (Australia) limited to advise them on the investment menu within the MLC Super Fund. JANA is partly owned by NAB and this portion will be transferred to IOOF.

FAQs

  • MLC and IOOF are highly complementary businesses, both with a common purpose to support Australians in securing their financial future.

    The combined MLC and IOOF business will be Australia’s leading advice-led wealth manager, looking after approximately 2.2 million Australians. IOOF has stated the transaction is a “Compelling opportunity to create long-term value for the benefit of clients, members and shareholders.”1

    Once the sale is completed, the new IOOF will be:

    • the number one retail wealth manager by funds under management and administration - $510 billion2
    • the number one advice business by number of advisers - 1,884 advisers3
    • the second largest superannuation provider by funds under administration - $173 billion4.


    "As the financial service industry reshapes, a much bigger and better IOOF will position it at the forefront of the industry transformation. In this new era, and in response to changing societal and technological needs, the new IOOF will have the ability to offer unmatched choice and accessibility of quality financial advisory and wealth management services to all Australians," says Renato Mota, CEO IOOF.

  • No, there’s nothing you need to do.

  • No, in the short term our products and services won’t change as a result of the sale to IOOF.

    In the future there may be other changes that aren’t related to the sale to IOOF, such as changes in legislation or general product updates. We’ll let anyone impacted know of changes, just like we do today.

  • No, the product issuer or operator will remain the same but will become part of the IOOF Group.

  • Yes, NULIS Nominees (Australia) Limited will continue to be the Trustee of the MLC Super Fund, the MLC Superannuation Fund, PremiumChoice Retirement Service and DPM Retirement Service.

  • No, fees and costs won’t change as a result of the change of ownership.

  • No, there is no change to the investment management teams, asset allocation or investment objective as part of this change. Changes to investment options will be made from time to time. We’ll notify you of the changes in the same way we always have by mail, email or making the information available at mlc.com.au.

  • No, contributions can be made the same way they are today using the same details.

  • No, your pension payments and how your account is assessed won’t change.

  • Yes, all your account details will remain the same. It’s important your details remain up to date with us. If your personal details have changed, please log in to your account to update your details.

  • No, as your account details remain the same, you won’t need to update Centrelink or DVA.

  • No, there will be no changes to your insurance cover due to the change in ownership. The amount and cost of your cover, its terms and conditions your ability to submit an insurance claim will stay the same.

    In the future there may be other changes that aren’t related to the sale to IOOF, such as changes in legislation or general product updates. We’ll let anyone impacted know of changes, just like we do today.

  • No, we’ll continue to assess any death benefit claims.

  • No, your relationship and any agreements you’ve made with your financial adviser won’t change. If you’ve agreed with your financial adviser to deduct an Adviser Service Fee from your MLC Wealth super, pension or investment account, this will continue.

  • Yes. Supporting your needs remains our absolute priority. We’ll continue to put you at the centre of everything we do, focusing our efforts on bringing you the best service and support we can.

1 Investor Presentation - Acquisition of MLC 31 August 2020.

2 For MLC, FUMA sourced from NAB as at 30 June 2020. For IOOF, FUMA based on reported FUMA as at 30 June 2020.

3 IOOF financial adviser numbers sourced from ASIC financial adviser register (as at 20 August 2020). MLC adviser numbers sourced from NAB as at 30 June 2020. Assumes all current MLC financial advisers transition to IOOF. Based on active MLC advisers only.

4 Based on APRA annual fund-level superannuation statistics June 2019 (issued 10 December 2019).