IOOF has completed the acquisition of National Australia Trustees Limited (NATL) by its trustee business, Australian Executor Trustees Limited (AET).
IOOF entered into an agreement with National Australia Bank (NAB) in June to purchase NATL, including the NATL Personal Trustee business and select trustee arrangements in the NATL Corporate Trustee business.
IOOF managing director, Christopher Kelaher, said: “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,” he said.
He added the increased scale would provide NATL clients with access to a wider range of specialist estate and trustee services, and said it demonstrated the firm’s commitment to providing advisers and clients with professional estate and trustee services as part of wealth management.
NATL customers would be contacted and advised of the change in ownership, IOOF said.