NAB has today announced that it has agreed to sell a 55 per cent interest in its asset consulting business (JANA) to the JANA senior management team.
NAB Asset Management Executive General Manager, Garry Mulcahy, said “this transition will mark an important evolution for both NAB Asset Management and JANA.”
“As both businesses enter their next phases of growth, we believe the time is right for a new way forward to focus on our respective competitive strengths – NAB Asset Management as a global asset management business, and JANA as an industry-leading asset consulting firm.”
“NAB Asset Management looks forward to partnering with JANA to leverage our complementary capabilities in providing investment advice and portfolio management solutions to our diverse clients.”
JANA Chief Executive Officer, Jim Lamborn, said “this announcement marks an exciting next step in JANA’s 30 year history.”
“The new management ownership structure model will give us greater flexibility to respond to the opportunities and challenges in the marketplace, and importantly will establish greater economic alignment between our clients and employees,” Mr Lamborn said.
“It will also ensure that we continue to have the best talent so that we can continue to provide leading research and investment insights.”
JANA is recognised as Australia’s leading asset consulting firm, with funds under advice of more than $350 billion, as at 30 June 2017.
Mr Mulcahy said NAB Asset Management was focussed on being a leading global asset management business and was pleased with the strong growth momentum in the business.
“Today, the NAB Asset Management business is made up of more than 100 investment professionals, who manage more than $200 billion in funds under management,’’ said Mr Mulcahy.
“We will continue to purposely build our investment and distribution capabilities to deliver better client experiences.’’
The proposed transaction is expected to be completed in September 2017.