On 31 August 2020, during the full-year results announcement, IOOF Holdings announced it has entered into an agreement with National Australia Bank (NAB) to acquire 100% of NAB’s wealth management business, MLC, comprising its financial advice, platforms, and asset management businesses.
The acquisition will position IOOF as Australia’s leading advice-led wealth manager. IOOF will become:
- the number one retail wealth manager with $510 billion in funds under management and administration (FUMA)1
- the largest advice business with 1,884 advisers2
- the second largest super provider with $173 billion in funds under administration3.
"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", Renato Mota, CEO IOOF.
For more information, view the Investor presentation.