National Australia Bank has just announced it is merging JANA and MLC Investment Management to create a world class investment research, advisory and portfolio management business.
The move to combine the businesses aims to better utilise the broad range of investment skills across both, enhance investment outcomes and product solutions for clients, and position the business to capitalise on changing market conditions.
The announcement follows the combination of the JANA Implemented Consulting and MLC Implemented consulting teams two years ago, which at $32 billion under advice, was the largest consulting team in Australia.
The asset management executive general manager at NAB, Garry Mulcahy, said the latest merger will put the bank in an “incredibly strong starting position”.
“Together, we have an extraordinary breadth and depth of investment talent that will be even more effective in helping any client achieve their investment objectives,” he said.
The new business, which will operate under the JANA name, will consist of two parts.
The first, advice and research, will provide asset consulting to both traditional and implemented consulting clients, and span asset allocation and investment strategy.
The second, portfolio management, will cover the construction and ongoing management of all multi-manager sector and diversified portfolios provided through NAB group platforms, to both retail and institutional clients.
NAB’s asset management business in total now manages over $130 billion in funds for Australians.