National Australia Bank (NAB) and Goldman Sachs JBWere (GSJBW) have appointed board members to oversee the operation of JBWere.
Appointments to the board include NAB deputy chief executive and executive director Michael Ullmer, who has been appointed chairman, as well as GSJBW co-chief executive and managing director Stephen Fitzgerald, who has been hired as an adviser to the board.
Formerly the private wealth management division of GSJBW for Australia and New Zealand, JBWere was formed through a strategic private wealth management alliance between NAB and GSJBW, which saw NAB acquire an 80.1 per cent stake in JBWere in July this year.
Since then JBWere has been operating as a separate brand under the MLC and NAB Wealth division and will become a portfolio business at the completion of the transaction.
NAB group executive for wealth Steve Tucker said the completion of the transaction was progressing well.
"The feedback we have received from advisers and clients is very positive, and we have made great progress towards bringing the wealth capabilities of these businesses together over the last two months," Tucker said.
The JBWere business will continue to execute its strategy of delivering tailored wealth advice to clients and will be overseen by a board of both executive and non-executive directors.
"The seniority and experience of the board members we are announcing today is a reflection of GSJBW and NAB's commitment to JBWere and the size of the opportunity we see for this business," Tucker said.
NAB acquired its new majority stake in JBWere at a cost of $99 million along with an additional performance-related consideration to be calculated on business revenues generated over the next three years.
