(2 November 2009 – Australia) National Australia Bank has announced the completion of its 80.1 percent acquisition of Goldman Sachs JBWere (GSJBW) private wealth management business.The alliance which was announced on July 29, 2009 sees JBWere become a portfolio business of NAB’s wealth division, MLC and NAB wealth.
The alliance incorporates a strategic distribution relationship which enables GSJBW to distribute certain products to JBWere on an exclusive or preferred basis.
JBWere is a leading wealth advisory business with more than 22,000 active client relationships, assets under advice exceeding $38 billion, and funds under management of around $10 billion.
JBWere advisers will retain full access to the existing range of services, investment research and products currently available through Goldman Sachs JBWere, as well as accessing additional services from NAB and MLC.
Cameron Clyne, group chief executive officer, NAB said that this acquisition significantly enhances the bank’s wealth offering and is a strong strategic fit with NAB’s ambition to strengthen its position as a provider in the wealth management segment.