Fund Company Update

APRA approves NAB acquisition of 86 400

Australian Prudential Regulation Authority (APRA) has granted National Australia Bank Limited (NAB) approval to hold a 100 per cent stake in 86 400 Holdings Ltd and 86 400 Limited.

Moelis Australia rebrands to MA Financial Group

Shareholder approval is being sought by Moelis Australia to rebrand to MA Financial Group, with the ticker code changing to MAF (currently MOE). The asset management business will use MA Asset Management, while corporate advisory and equities is to trade as MA Moelis Australia. The change comes as revenue from Asset management is far greater than its original investment banking services business. Some Moelis Australia-associated businesses will keep their trading names, including Redcape Hotel Group and RetPro.

Standard Life Aberdeen rebrands

The new name of Standard Life Aberdeen is now Abrdn, as the company attempts to trendy itself up. Five different brands that have all been operating independently are now unified with the new name. The new brand will emerge in June. The ticker code will also change.

The Standard Life name has gone to Phoenix Group, with Standard Life Aberdeen having a 14 per cent stake in the Phoenix Group. Phoenix Group will take over the Standard Life brand.