ThreeSixty Research,the research business of MLC, has entered into a deal to merge with private wealth firm JBWere, owned by National Australia Bank (NAB).
As part of the merger, the entire ThreeSixty listed equities team will move to JB Were’s Sydney office, according to Financial Standard.
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However, the merger will not result in any job cuts.
The merger will see the managed funds research teams from each business coming together and ThreeSixty’s Stuart McKibbin will head the expanded equity team reporting to James Wright, chief investment officer at JBWere.
Additionally, JB Were will also assume responsibility for ThreeSixty Research’s separately managed accounts (SMAs).
Under the deal, the two businesses will team up under the same management, their individual branding would remain same, and advisers will continue to receive research from ThreeSixty and JB Were.
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By GlobalDataJustin Greiner chief executive JB Were said: "The ThreeSixty Listed Equities team will join with our JBWere Investment Strategy Group to form an expanded research team that best leverages our talent and insights to deliver for our clients and their changing needs.
"Both teams have a long and proud history of generating high quality investment research and these changes will allow us to create centres of excellence in both the listed equities and managed fund research areas that support our retail advice and platform businesses," he added.
