The hires are part of a larger strategy to provide wealthy customers with “a single point of access for their financial needs,” said NAB, one of Australia’s “Big Four” banks.
The arriving bankers and advisers will work under Justin Greiner, CEO of wealth manager JBWere and head of NAB Private. Both groups serve clients with a high net worth, or with at least 1 million Australian dollars ($690,000) in assets.
“We have an ambition to grow our market-leading business bank by helping our customers grow, and our offering for high-net-worth clients is a core part of our strategy,” Greiner said. “We are investing to provide even more support for clients, bringing together specialists across lending, financial advice, family advisory and philanthropy.”
Recently put in charge of JBWere, NAB Private and the self-directed wealth division, Greiner is taking a leading role in NAB’s private wealth services. The JBWere CEO has held his position since 2014 and was previously general manager of wealth transformation at the Australia and New Zealand Banking Group, according to his LinkedIn account.
NAB took control of JBWere in 2008 when it acquired an 80% stake in then-named Goldman Sachs JBWere in 2008. The bank bought the remaining 20% from Goldman Sachs in 2016 before transferring 65 wealth advisers to JBWere a couple of weeks later, changing NAB Private solely focused on banking for rich individuals.
JBWere, with AU$28.2 billion in funds under management and AU$52.3 billion under advice, continues to provide both advice and investment services.
NAB’s hiring announcement comes at the same time that investment management groups such as Apollo and KKR are bidding on its subsidiary MLC, which provides financial advice. The company’s wealth unit saw large losses during the COVID-19 pandemic, leading to a first-half earnings and revenue decline of 46.2%.