MLC does not intend to make sweeping changes to the Meritum Financial Group following its purchase of a remaining stake in the advisory firm.
The National Australia Bank-owned wealth manager announced yesterday it had increased its minority shareholding in the firm to 100 per cent.
MLC will incorporate Meritum Financial Group into its advice network with the firm to operate independently, a company spokesperson said.
"Meritum will form part of the MLC advice network but will operate independently from MLC Financial Planning, Garvan and Apogee, much in the same way as Godfrey Pembroke currently does," the spokesperson said.
"We do not intend to make changes to the business as it is profitable and performing well. This is evidenced by the retention of founders Brian Dau and Theo Christopoulous and their appointment to senior positions within the business.
"Since Meritum began operations in 2003, no adviser has left the group voluntarily and this is testament to how Brian, Theo and their staff have effectively managed the group."
As part of the purchase, former Aviva Australia executive director for distribution and marketing Stephen Trist has been appointed to the role of Meritum general manager, with Dau and Christopolous to continue in their current roles.
Founded in 2003, Meritum has 110 financial advisers across the country, with more than $3.5 billion in funds under management and in excess of $45 million in annual insurance premiums in force.
MLC acquired a minority ownership stake in Meritum as part of its acquisition of Aviva Australia in 2009.
