We're excited to be part of IOOF Holdings Ltd (IOOF). The sale from National Australia Bank (NAB) was completed on 31 May 2021.
While it's a big change for us, for our investors its business as usual. Our investors will continue to enjoy the same services they have in the past. And their product's terms, conditions and design haven't changed due to our sale. We'll continue to put our investors’ best interests first and continue to support them in the same way.
On this page you'll find information about IOOF, a list of communications and announcements made about the sale, what has changed due to the sale, and some frequently asked questions
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 175 years and have grown to become a leading provider of quality financial advice, products and services.
Get to know more about IOOF at ioof.com.au
*As at 31 March 2021, excludes MLC FUAdvice. Sources: (1) IOOF Q3 2021 Business Update. Available here. (2) NAB Appendix 4D (released to the ASX 6 May 2021), page 74 (3) IOOF acquisition of MLC, page 14. Available here.
Keep up to date with the latest communications and announcements.
While most things have stayed the same, there are a couple of changes you should be aware of.
We provide more detail about these two changes below.
Protecting investors’ privacy is very important to us and IOOF.
The sale of MLC to IOOF includes the following entities: Antares Capital Partners Ltd, MLC Investments Limited, NULIS Nominees (Australia) Limited, MLC Asset Management Services Limited, MLC Asset Management Pty Limited and Navigator Australia Limited.
All entities that have been sold will continue to look after investors in the same capacity they have in the past.
MLC Asset Management includes a range of businesses and partners. The investment managers listed below were wholly or partly owned by the NAB Group, and that portion has transitioned to the IOOF Group. This hasn't changed how they manage investment solutions:
MLC Asset Management’s distribution of investment products for Altrinsic Global Advisors (Australia) Pty Ltd to Australian investors has also transitioned to IOOF.
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 form one of Australia's leading advice-led wealth management organisations working to secure the financial future of 2.4 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
With the completion of the sale, the new IOOF will be:
"As the financial service industry reshapes, a much bigger and better IOOF will be positioned 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 our investors and advisers need to do.
No, in the short term our products and services haven't changed as a result of the sale to IOOF.
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 any material or significant changes, just like we do today.
No, fees and costs haven't changed as a result of the change of ownership.
No, there was no change to the investment management teams, asset allocations or investment objectives as part of the sale of MLC to IOOF. 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 on relevant websites.
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).
If you have any questions about the sale or anything to do with your investment, please contact your MLC representative, email firstname.lastname@example.org or give us a call on 1300 738 355 (0800 404 988 if calling from New Zealand) between 8.30am and 5.30pm (AEST), Monday to Friday.