National Australia Bank (NAB) has decided to merge the implemented consultancy businesses of JANA and MLC, effective from 1 March.
"On the implemented consultancy business side, they are going to merge the MLC IC [MLC Implemented Consulting] with the JANA IC [JANA Implemented Consulting] businesses under the JANA banner," JANA executive director John Coombe told InvestorDaily.
The combined businesses have a combined funds under advice of $27 billion.
JANA manages assets of $13 billion for 44 implemented clients through a range of diversified and single asset class investment products.
While MLC IC currently has more than 100 clients and has grown assets under advice to over $14 billion.
"There won't be any departures or changes; it is going to be a straight merger," Coombe said.
However, JANA head of Australian equities and deputy head of consulting Anna Shelley will move to MLC Investment Management, where she will be investment director.Shelley joined JANA in September 1998, working first in Melbourne before moving to Sydney two years later.
