MLC, NAB Private Wealth and nabInvest will be combined as a part of a restructure of the National Australia Bank (NAB) Group.
The three divisions, which were separately managed, will now be managed by MLC group executive Steve Tucker.
"We're seeking to make sure that we're developing our business across the whole spectrum of wealth management," a NAB spokesperson told InvestorDaily.
"With NAB Private Wealth we're obviously connecting with our high net worth customers and we are addressing our revenue weakness in the asset management area because we've been under-represented in that area."
NAB said separately in a strategy update: "As part of maintaining conservative settings, and reflecting the increasingly challenging external environment, dividend will be reduced by approximately 25 per cent for the 2009 half year."
