Business
Less is more for NAB after sale of wealth management arm to IOOF – Sydney Morning Herald
IOOF is set to become the country’s largest wealth management business and second largest super fund after it takes over NAB’s MLC Wealth business.
IOOF chief executive Renato Mota said wealth management was a specialist business best left to firms focused on investing, advice and super.
“While there are some common threads to banking, it is a very, very different business to banking.”
“Thats been an issue all the banks have had with respect to wealth management.
“I know many of them believe in the importance of wealth management but the organisational design and management of the businesses inside a large bank is very difficult,”he said…
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