MLC, the wealth management division of National Australia Bank, has acquired the remaining equity it did not yet own in the financial advisory firm Meritum Financial Group.

MLC purchased a minority stake in Meritum in 2009 as part of its takeover of Aviva Australia. With the full acquisition, the firm will be appointing Stephen Trist, previously the executive director for distribution and marketing at Aviva, as general manager of Meritum. Brian Dau and Theo Christopolous, the founders of Meritum, will continue in their current roles.

"The support of MLC will be important over the coming years, particularly in light of the upcoming period of change facing the advice industry. MLC brings both resources and expertise to the table and will help ensure Meritum remains a force in the advice market," Trist said in a press release.

Meritum has over 110 financial advisors across Australia and has over A$3.5 billion in funds under management.