NAB has purchased the remaining share of its wealth management business JBWere from Goldman Sachs.
In a statement issued yesterday, NAB Wealth group executive Andrew Hagger said the bank had decided to acquire the remaining 19.9 per cent share of JBWere that was held by Goldman Sachs.
“We are pleased today to also announce that NAB has purchased the remaining share of JBWere from Goldman Sachs,” Mr Hagger said.
“JBWere plays an important role in our client offering, and this deal cements our commitment to our clients and business.”
In the same statement, JBWere also announced that it had entered into a new partnership with financial services provider UBS.
JBWere said the “non-exclusive” arrangement will allow its Australian clients to access UBS’s “pipeline of equity deals” and IPOs as well as accessing domestic and international investment research.
“The alliance with UBS is fantastic for our private wealth clients and will allow them to access a large and diverse range of world-class research and products,” JBWere chief executive Justin Greiner said.
Also commenting on the partnership, head of corporate client solutions for UBS Australasia, Anthony Sweetman, said that arrangement would strengthen both groups’ distribution network for “equity market transactions” and offers JBWere access to global investment research.