MLC ownership update

NAB has entered into an agreement to sell 100% of MLC Wealth to IOOF Holdings Ltd. (IOOF), including MLC’s advice, platforms, superannuation & investments and asset management businesses. NAB announced its intent to exit wealth management in 2018.

Read the announcements from NAB (PDF, 42KB) and IOOF (PDF, 206KB).

Read the note to all MLC employees from CEO Geoff Lloyd.

Find out more about IOOF.

Completion of the transaction is subject to certain conditions, including regulatory approvals from APRA and ACCC. Subject to the timing of regulatory approvals, completion is expected to occur in the middle of calendar year 2021. Until this time MLC and IOOF will continue to operate as two separate companies.

For now, it is business as usual at MLC and we will continue to serve all clients, responsibly manage your funds in line with investment objectives, and keep you updated on ownership developments.

National Australia Bank Limited ABN 12 004 044 937, AFSL 230686.

MLC Limited uses the MLC brand under licence. MLC Limited is a part of the Nippon Life Insurance Group and not part of the NAB Group of Companies.