Geoff Lloyd is the new CEO of MLC

Peter Parks/ AFP/ Getty Images

Geoff Lloyd is the CEO of the NAB’s wealth management arm MLC, a key asset the bank is now seeking to sell off.

Lloyd joins the bank after six years as CEO and Managing Director of ASX-listed financial services group Perpetual. He will report directly to NAB chief executive Andrew Thorburn.

The appointment, effective from September 1, follows NAB’s announcement in May that it is getting out of wealth management, including superannuation and asset management, including those under the MLC brand. The bank is looking at a trade sale or an IPO.

MLC has assets under management of $199 billion and 3,300 staff. The NAB bought MLC, which has about 1,100 financial advisers, in 2000 for $4.65 billion.

“The core MLC wealth management business is strong with great growth prospects and I am confident Geoff will not just assist in a successful transaction but also help realise the full potential of the new business,” says Thorburn.

Lloyd says he’s looking forward to starting in the new role.

“MLC has a great heritage and is a diverse portfolio of high quality and well-regarded businesses and brands that I am very passionate about,” he says.

“This is an exciting challenge and opportunity to lead a business that is well positioned to grow and continue delivering for clients in the decades ahead.

“I’m also looking forward to playing my role in responding to the external challenges for our industry and working to grow confidence and trust in the service we deliver our customers and helping them secure their financial future.”

In the latest half year result, the NAB posted a 16% fall in cash profit to $2.76 billion as restructuring costs weigh on the bank.

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