National Australia Bank’s private wealth arm has signed a memorandum of understanding with BlackRock, the world’s largest asset manager.
National Australia Bank hopes its veteran trading platform will become “Australia’s home of exchange-traded funds” after signing a memorandum of understanding with BlackRock, the world’s largest asset manager.
“Our aspiration is to be the home of ETFs through this investor centre, so that people can go and learn before they feel the need to dip their toe in the investment market,” NAB Private Wealth executive Justin Greiner toldMr Greiner declined to discuss details of the financial arrangement between the firms or any split on revenue earned from the new iShares funds, but confirmed it was a “structured commercial relationship” with both NAB and BlackRock contributing roughly equal investment.
He expressed concern that many of the next generation of investors are being targeted by prominent advertisements and billboards for discount stockbroking and cryptocurrency exchanges.“There is plenty of noise out there,” he said. “That’s why this is the right time for this partnership. This is about taking the world’s best ETF provider and partnering with a platform backed by Australia’s biggest business bank.
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