On 31 August 2020 NAB announced it had 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 note of 31 August 2020 to all MLC employees from CEO Geoff Lloyd. On 7 October 2020 NAB CEO Ross McEwan announced MLC CEO Geoff Lloyd would leave the organisation at the end of October, following the agreement for IOOF to acquire MLC. Read Geoff Lloyd’s note to all MLC employees here.
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.
Find out more about IOOF.