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National Australia Bank has announced plans to integrate its online broking business, National OnLine Trading with Your Prosperity, the online funds management business which was acquired as part of the purchase of MLC last year.
The integration will see National OnLine Trading move into the National's recently formed Global Wealth Management division, run by Executive General Manager, Mr Peter Scott.
Mr John Reid will head up the combined businesses and Mr William Wolke will continue to act in his existing role as head of National Online Trading and will work with John Reid to ensure the benefits of the integration are maximised.
The combined business will have 30,000 eBroking clients.
In announcing the integration on behalf of Mr Scott, Mr Ross Pinney, Executive General Manager Specialist and Emerging Business, said: "Combining the two businesses presents us with the opportunity to continue developing the concept of a retail investment marketplace where a range of investment options are offered, including e-broking, online managed funds and superannuation.
"This means even more investment choices for customers of the National and a leading investment offering in the marketplace. Integration also allows us to build on the success of the two services, each with their respective areas of expertise in the field of online investing," Mr Pinney said.
The brands will remain separate at this stage, however, research is currently being undertaken to determine the future direction of the brands.
Mr John Reid said "The National believes that an online retail investment marketplace will be a key part of its future strategy and aims to be the market leader in the growing online investing arena."
National OnLine Trading has grown steadily since its launch in February 2000 and is in the process of releasing a series of enhancements. These include: the launch of a new Company Research service covering all listed companies, a new website, and allowing use of most National accounts for funding of trading activity.
Your Prosperity offers E-broking, Portfolio Service (discretionary master trust), Super Trust and Fund Trading (retail managed funds). In 2000, Your Prosperity was awarded "Broker of the Year" for new online investors by www.yourbroker.com.au and its Share Trading was rated best value for money.
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