(16 January 2006 – UK) National Australia Bank has announced it will transfer the management of its UK Clydesdale and Yorkshire Bank Discretionary Investment Management portfolios to British firm Tilney Investment Management.NAB said the sale of its 1500 customer portfolios would be completed around the middle of this year. The portfolios have a funds under management value of roughly ₤300 million.
Tilney was founded 170 years ago and is headquartered in Liverpool, UK. The firm has some 12,000 clients and assets under management of more than ₤5 billion.
NAB has restructured UK businesses, Yorkshire Bank and Clydesdale Bank, shedding jobs and focussing more on the broker channel for mortgage products.
NAB said the terms of the sale to Tilney was confidential but that it was “not material” to the bank.