NAB has merged five of its superannuation funds to create one large retail super fund, saying this will better serve clients and attract attention from “thousands of advisers” across Australia, MLC executive general manager, wealth advice, Greg Miller has said.
The bank announced today that the new fund, to be known as MLC Super Fund, was created as part of a simplification plan.
The move comes after ifa reported in October 2015 that NAB had agreed to sell 80 per cent of its life insurance arm to Nippon Life, meaning the life business had to be structurally separated from NAB’s superannuation and investments businesses. As part of this process, NAB decided to create “Australia’s largest retail super fund".
Mr Miller told ifa he expects to see a massive adviser take-up.
“This is a major retail offering for advisers, not just in our networks but in networks across the country,” he said.
“We anticipate thousands of advisers will use the MLC Super Fund in a way to make sure that they look after the needs of their clients.”
MLC Super Fund will have more than one million members and about $70 billion in funds under management. The fund will include NAB’s two main super offerings, MLC Masterkey and Plum superannuation and pension offerings.
Paul Carter, NAB’s executive general manager for superannuation and investments platform, said the merger was also created in anticipation of new wealth products.
“This work is strategically important and lays the groundwork for our planned $300 million investment across our wealth activities in new wealth products and services for our customers and financial advisers,” he said.
“This $300 million investment will help us deliver an even better customer and adviser experience through digital innovation, product and platform enhancement, and making it simple to navigate our products.”
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