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Australian bank eyes IFA market

The National Australia Bank is aiming to break into the IFA market with the extension of its multi-manager proposition, MLC Investment Management, which has previously only been available through its UK banking subsidiaries.

The initiative, called Pivotal, will be headed by former Prudential group sales director John Cowan and based on its Australian model, which allows IFAs to focus on holistic planning based on their clients&#39 long-term investment objectives.

The multi-manager service with two portfolios and six funds selected from seven UK fund managers goes live this week and Cowan says Pivotal will offer IFAs more than just another investment tool.

He says that through the summer, Pivotal will roll out a range of business services at a cost similar to services offered by modern-day IFA networks, including sorting out authorisation, training & compliance, annual and succession planning, compliance and information technology.

Pivotal will initially be wholly owned by NAB but, after depolarisation, it will aim to separate itself from its parent. NAB introduced MLC to the UK market through its Clydesdale and Yorkshire Banks in December 2001.

Cowan says: “It is clear that there is a global trend among the financial advisory community towards focusing on customers. Increasingly, this means that advisers are doing what they are good at and outsourcing the rest.”

Informed Choice managing director Nick Bamford says: “I look forward to seeing what their proposition is. I suppose it will appeal to some IFAs but what will they be offering that is not currently available in the marketplace?”


Premier Asset Management – Premier Extra Income Plan

Monday, 3 March 2003 Type: Capital protected bond Aim: Income or growth linked to the performance of the Dow Jones Eurostoxx 50 index Minimum-maximum investment: £7,000-£1m Term: Five years Guarantee: Original capital returned in full provided the index does not fall by more than 30% and returns to at least its initial level Return: 7% […]

Investors taking a hands-off approach to shares

More than three-quarters of shareholders plan to leave their shares untouched over the next three months, indicating that investors may believe the market has bottomed out, according to research from stockbroker comdirect.The company&#39s quarterly cash confidence survey, which investigates the public&#39s attitude to investing, shows that 77 per cent of people with shares intend to […]

Microsoft plans UK version of platform

Microsoft UK is planning a UK version of its US financial services platform MSN Money Professional, which allows IFAs to manage all their client information in one place. Announcing the move at the conference in Manchester this week, Microsoft says it will also enable investors to view and manage their entire portfolio online.

Message in a bottle

Cheers to Accord Mortgages, the new intermediary lending branch of Yorkshire Bank – it certainly knows its target market.Mortgage intermediaries are not known for their sobriety so Accord&#39s launch party prize of a year&#39s supply of vodka seems spot on. The prize will be given for the winner of a vodka taste test, perish the […]


Case study: administration — managing group life schemes

Our client leads the global market in high-tech electronics manufacturing and digital media. The trustees of the company’s final salary pension scheme insure death-in-service lump sum and dependants’ pension death benefits for active employees, as well as dependants’ pension benefits for deferred members (those who have left service).


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