National Australia Bank merges the strengths of JANA Investment Consulting and MLC to create a new advisory arm.

National Australia Bank has announced that it is merging the resources of its investment consulting subsidiary and wealth management business to create a new investment research, advisory and portfolio management arm. 

The combined business of JANA Investment Consulting and MLC is expected to enhance investment outcomes and product solutions for clients, and position the business to capitalise on changing market conditions, said the firm in a statement. NAB acquired JANA in December 2000.

There will be two parts to the new business, which will operate under the JANA name and become part of the broader NAB Asset Management unit. The first part focuses of advice and research and will be led by Ian Patrick. It will provide asset consulting to both traditional and implemented consulting clients and span asset allocation and investment strategy. The second part is portfolio management, to be led by Jonathan Armitage, to be responsible for the construction and ongoing management of all multi-manager sector portfolios and all diversified portfolios within NAB Group. 

NAB's asset management business now covers investment advisory, research and portfolio management and direct investment management. It manages over A$130 billion ($119.7 billion) in funds for Australians.