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June 1, 2021

IOOF concludes acquisition of MLC Wealth from NAB

By Verdict Staff

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

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  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
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The $1.4bn deal was announced by NAB in August 2020.

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.

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.

Free Report
img

Analyze opportunies within the wealth management market in APAC

GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
Enter your details here to receive your free Report.

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