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NAB sells JANA stake
National Australia Bank has sold its 55 per cent stake in asset consulting business, JANA to the JANA senior management team.
The big banking group announced the sale today, ending around a decade of involvement in what represents one of the leading asset consultants to the superannuation industry.
Confirming the sale, NAB Asset Management executive general manager, Garry Mulcahy, said “this transition will mark an important evolution for both NAB Asset Management and JANA".
“As both businesses enter their next phases of growth, we believe the time is right for a new way forward to focus on our respective competitive strengths – NAB Asset Management as a global asset management business, and JANA as an industry-leading asset consulting firm,” he said.
“NAB Asset Management looks forward to partnering with JANA to leverage our complementary capabilities in providing investment advice and portfolio management solutions to our diverse clients.”
JANA chief executive, Jim Lamborn, said “this announcement marks an exciting next step in JANA’s 30 year history".
“The new management ownership structure model will give us greater flexibility to respond to the opportunities and challenges in the marketplace, and importantly will establish greater economic alignment between our clients and employees,” Lamborn said.
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