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Member and investor update

Wednesday 9 September 2020

Dear members and investors,

I hope you and your family are safe and well in what is unfolding to be an extraordinary year for most of us.

I would like to update you on MLC’s corporate ownership, given the recent news that National Australia Bank (NAB) has agreed to sell MLC to wealth manager IOOF. There is no action required, however I wanted to bring this news to your attention, for your interest only.

This recent announcement follows NAB’s 2018 statement that it intended to divest MLC as part of its strategy to simplify its business to focus on core banking and create a stronger future for MLC.     

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”*.

The transaction includes all of MLC’s superannuation, investment and advice businesses. While we are preparing for transition to our new owner next year, your super and investments will continue to be managed and cared for by MLC. This announcement and the transition to new ownership will not change the investment objectives or management of your funds.

The transaction is subject to certain conditions, including regulatory approval from APRA and the ACCC and is expected to complete before 30 June 2021.  We’ll keep you informed on the progress of the transaction with regular updates posted on our website

As always, 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.

We look forward to the future with confidence and will always keep in touch with you on these and other developments in our business.


Tim Steele

Group Executive
Retirement & Investment Solutions

*Investor Presentation - Acquisition of MLC 31 August 2020