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The National Australia Bank Group today announces the introduction of a new advice based financial planning service and the MLC Investment Portfolio service for UK customers, based on the capabilities of its Australian Wealth Management businesses. Peter Scott, Executive General Manager of the National's Wealth Management businesses said the introduction of the new service was a huge milestone for the Group's organic growth strategy in the UK. "This represents the first major international initiative that leverages capabilities brought to the National via the acquisition of the MLC Group, including the manager of managers investment process and MLC MasterKey Investment Solution. We are now able to offer a service to the Group's 4.5 million UK customers to help them achieve their lifestyle goals. With the help of our planners, customers are able to take a more long term strategic view of their financial planning needs." The new financial planning and advice service will be offered through the National Australia Bank Group's UK banks, including Clydesdale Bank, Yorkshire Bank and Northern Bank. The CEO of the National's European Wealth Management operations, Paul Rogan, said a key to the success of the financial planning service was that it would build on the strengths of the UK banks. "The Clydesdale, Northern and Yorkshire banks are very solid customer relationship brands in their respective markets. We have a trusted distribution network of financial planners who carry the brand of the customers' bank. "Our objective is to introduce a service that is capable of building and growing with additional features over a period of time in line with what customers need. We are not restricting our investors to high minimum investments because we believe good financial planning starts early, often with a small amount." The financial planners have undertaken significant training and have been equipped with a new financial planning tool and investment portfolio modelling software to support them in delivering financial advice. Supporting financial planners to develop strong relationships with their customers through greater administrative support, technology and processes is a key component of the service. The financial planning service will also enable customers to access some of the world's best investment managers via the newly launched MLC investment portfolio system, which uses the manager of managers investment approach. Bruce Coleman, CEO of MLC Investment Management said MLC's manager of managers capabilities had transferred easily to the UK market. "MLC is one of the world's leading manager of managers with 15 years experience in the Australian market. Our strong relationships with some of the world's leading investment managers, has assisted us in developing our capability in the UK market. MLC investment process: manager of managers MLC uses an investment process known as the manager of managers. The approach is based on the philosophy that different asset classes, markets and investment manager styles perform differently at different times. MLC's objective is to combine complementary investment styles in such a way that no single asset class or investment style dominates in any fund. The objective is to increase the diversity of our funds, reduce volatility and produce more consistent returns. The specialist investment managers used in the UK are Capital Group, Deutsche Asset Management, Fidelity Investments, Henderson Global Investors, Morley Fund Management, Phillips & Drew and Western Asset Management. Investing with MLC in the UK Clydesdale, Northern and Yorkshire bank customers will speak with one of their bank's financial planners to identify their lifestyle and investment objectives, their current financial situation and their investment profile - whether they are a cautious or more aggressive investor. A personalised financial plan is then created for the customer that may recommend tax wrappers, investment and retirement strategies, according to the customers needs. Customers can invest directly in the MLC Open Ended Investment Company, ISA or PEP. They can invest by lump sum (minimum £3,000) or by monthly savings (minimum £50). MLC is initially offering six funds to UK customers - four single sector funds (UK Equity, Global Equity, High Income and Sheltered Growth) and two multi-sector funds (Conservative and Balanced). These funds are then combined to create tailored investment portfolios that match customers' risk profiles and investment objectives. Customers receive detailed information on their financial plan, including information on which investment managers are working on their behalf to achieve their investment objectives.
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