MLC ownership update

On 31 August 2020 NAB announced it had entered into an agreement to sell 100% of MLC Wealth to IOOF Holdings Ltd. (IOOF), including MLC’s advice, platforms, superannuation & investments and asset management businesses. NAB announced its intent to exit wealth management in 2018.

Read the announcements of 31 August 2020 from NAB (PDF, 42KB) and IOOF (PDF, 207KB)

You can read our communications to Plum members here.

Completion of the transaction is subject to certain conditions, including regulatory approvals from APRA and ACCC. Subject to the timing of regulatory approvals, completion is expected to occur in the middle of calendar year 2021. Until this time MLC and IOOF will continue to operate as two separate companies.

For now, it is business as usual at MLC and we will continue to serve all clients, responsibly manage your funds in line with investment objectives, and keep you updated on ownership developments.

Find out more about IOOF.