National Australia Bank (NAB), an international banking and financial services group with a strong presence in private banking and wealth management, is to focus on building its fund management business following the recent acquisition of online broker Your Prosperity.
NAB will merge the online broking businesses - NAB's OnLine Trading will move into the bank's new Global Wealth Management division, and the combined business will have around 30,000 online broking clients.
Your Prosperity was launched in June 1998 to cater for the needs of self-directed investors and provided a service known as the Portfolio Service. This was designed to provide investors with access to managed funds at wholesale rates, as well as a range of listed securities, and to alleviate the headache of investment paperwork by providing comprehensive portfolio reporting. All services were offered exclusively online. Your Prosperity was acquired by NAB as part of its acquisition of MLC Holdings' funds management and life insurance businesses
The move to merge the broking operations is meant to hasten the development of NAB's product range, including e-broking and online managed funds in a "retail investment marketplace".
NAB executive general manager for specialist and emerging business, Ross Pinney, commented: 'Integration also allows us to build on the success of the two services, each with their respective areas of expertise in online investing'.
National OnLine Trading was launched last February but NAB currently intends to keep this brand separate from that of Your Prosperity.
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