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A New IOOF: MLC acquisition completes

We are pleased to confirm that today, 31 May 2021, IOOF Holdings Ltd (IOOF) announced the completion of its acquisition of MLC Wealth (MLC) from National Australia Bank Limited (NAB).

Renato Mota

A new IOOF - Australia’s leading wealth manager

The new IOOF will proudly serve 2.2 million clients and have approximately $500 billion in funds under management, administration and advice (FUMA)1. With more than $160 billion of superannuation assets, IOOF will also be one of the largest super fund providers in Australia2.

The ‘new IOOF’ will have greater scale, capability and efficiency which will flow through to clients in the form of value, choice and accessibility – supporting IOOF’s ambition of creating financial wellbeing for all Australians.

Renato Mota, CEO said:

“This acquisition is truly transformational for IOOF as it positions us as the leader of a new era of wealth management in Australia, giving us a strong platform for future growth.

IOOF and MLC share a common purpose to improve the financial wellbeing of all Australians We also share a client-oriented philosophy and together, we will now be proudly serving over 2.2 million Australians…”

“We are thrilled to welcome the very talented MLC team to the IOOF family.”

Read the full ASX announcement

1 As at 31 March 2021, excludes MLC FUAdvice. Sources: (1) IOOF Q3 2021 Business Update (29 April 2021). Available here. (2) NAB Appendix 4D (released to the ASX 6 May 2021), page 74.

2 Based on APRA annual fund-level superannuation statistics June 2020 (issued 16 December 2020).