National Australia Bank (NAB) has announced that it will merge investment consultant JANA and MLC Investment Management, in a move to create a larger and more powerful investment research, advisory and portfolio management business.
The combined business will together improve investment outcomes and product solutions for clients, by using their investment skills.
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According to NAB, the incorporation is not being done as part of cost cutting and the workforce remains same. However, some job roles will be redefined in case of overlapping.
The new business will operate under the JANA name and will be a part of the NAB Asset Management division.
It will consist of two parts including advice and research team and portfolio management team.
NAB Asset Management executive general manager Garry Mulcahy said that the investment expertise and considerable achievements of both teams put NAB in an incredibly strong starting position.
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By GlobalData"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. Client centricity is and will continue to be the bedrock of the culture," added Mulcahy.
