NAB to integrate online broking and funds operations

NAB to integrate online broking and funds operations

National Australia Bank is to integrate its online broking arm 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 bank's recently formed global wealth management division, run by executive general manager, Peter Scott. The two companies will continue to trade under their existing brand names for the moment, says the bank, although research is currently being undertaken to assess the relative value of each brand.

The combined business will have 30,000 e-broking clients.

Ross Pinney, executive general manager specialist and emerging business, says: "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."

Launched in February 2000, National OnLine Trading is preparing to commemorate its first anniversary with the release of a series of enhancements, including a new company research service covering all listed companies, a revamped Web site, and access to National accounts to fund trading activity.

Your Prosperity offers e-broking, portfolio service (discretionary master trust), super trust and retail managed funds.

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