IOOF Holdings Limited (IOOF), one of the largest financial services groups in Australia, has announced the completion of the acquisition of National Australia Trustees Limited (NATL) by IOOF’s trustee business, Australian Executor Trustees Limited (AET).
On 14 June 2017, IOOF entered into an agreement with National Australia Bank (NAB) to purchase NATL, including the NATL Personal Trustee business and select trustee arrangements in the NATL Corporate Trustee business.
A strong strategic fit
IOOF Managing Director, Christopher Kelaher, commented, “We are excited by the benefits the acquisition will deliver to the advisers and clients of both AET and NATL.
“NATL is a strong strategic fit for AET, with AET now becoming one of the largest providers of compensation trust services in Australia.
“AET’s enhanced scale and national presence provides NATL clients with access to a broader range of specialist estate and trustee services.
“The acquisition further reinforces IOOF’s commitment to providing advisers and their clients with professional estate and trustee services as part of our holistic approach to wealth management planning.”
Seamless transition and focus on service excellence
Mr Kelaher added, “IOOF and AET are committed to client service excellence and have worked closely with NAB to ensure a seamless transition for clients.” NATL customers will be contacted and advised of the change in ownership.
