Less is more for NAB after sale of wealth management arm to IOOF – Sydney Morning Herald

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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