The wealth management market is hotting up, with National Australia Bank and Zurich planning services in the UK.
NAB is launching its Manager of Managers platform in November for four million clients of its UK operations, Clydesdale Bank, Yorkshire Bank and Northern Bank.
Former Scottish Amicable chief executive Roy Nicolson will help spearhead the launch, which is likely to be extended to IFAs next year.
Zurich is moving into the arena in September when the Allied Dunbar franchise is rebranded as the Zurich Advice Network, with a wealth management service attached.
NAB's service, known as Project Endeavour, will allow investors access to four externally managed funds, UK equity, global equity, high income and sheltered growth and two diversified funds, conservative and balanced. Each fund will have external managers, who are yet to be selected.
In a separate move, Zurich has appointed George Higgenson as operations director of its new advice network.
NAB chief executive of the wealth management service Paul Rugan says: “Our focus in the immediate future is on the bank platforms so we can capitalise on existing organic potential. Down the road, we will be looking at the IFA market. It is a significant channel that must be considered.”