The addition of MLC positions IOOF as a leading wealth manager in Australia. Credit: Matt Barrett on Unsplash.

Australian financial service firm IOOF has completed the acquisition of MLC Wealth from National Australia Bank (NAB).

The $1.4bn deal was announced by NAB in August 2020.

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MLC Wealth comprises of financial advice, platforms, superannuation & investments, and asset management businesses.

Following the completion of the deal, IOOF has approximately $500bn in funds under management, administration and advice (FUMA).

The transaction added 406 advisers to IOOF’s roster. The company will now serve approximately 2.2 million clients.

IOOF CEO Renato Mota said that the acquisition positions the firm as the leader of a new era of wealth management in Australia.

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Mota added: “IOOF and MLC share a common purpose to improve the financial wellbeing of all Australians We also share a client-oriented philosophy and together, we will now be proudly serving over 2.2 million Australians.”

“Together, we will deliver clients and members broader access to wide-ranging capabilities and technical expertise, enhanced infrastructure, and a strong corporate governance framework.”

IOOF said that it expects to deliver a run-rate of between $65m to $80m of the estimated $150m in cost synergies by the end of FY22, as part of the consolidation work.

Last year, IOOF wrapped up the purchase of ANZ OnePath Pensions and Investments business in a deal worth $825m.

In February 2018, the company forged a strategic partnership with Grow Super and acquired a minority stake in digital superannuation provider for an undisclosed sum.