ASX Announcement - JANA Joins Forces With NAB To Enhance Services To Funds - 18 November 2000

The National today announced that it had acquired 100 per cent of the shares of one of Australia's leading asset consultancies, John A Nolan and Associates (JANA). The acquisition is a significant strategic move for the National as it seeks to expand its interests in the wholesale superannuation market and a major growth initiative for JANA.

Mr Peter Scott, National Global Wealth Management Executive General Manager, said JANA represented a superb fit for the National's wholesale wealth management business.

"JANA is the third largest asset consultancy in Australia and one of the most respected names in the industry. Their reputation for excellence combined with our own experience, resources and established infrastructure, give us a significant competitive edge in the increasingly competitive wholesale superannuation market.

"We are delighted the shareholders of JANA have agreed to our offer.We greatly look forward to realising the many benefits the partnership will make available, not only to the National and JANA, but to the wider investment industry."

Under the agreement, JANA will operate in the same manner and style as it has for the past 13 years with the current staff and relationship arrangements.

JANA has developed a reputation for providing independent advice on all matters of investment and will continue to operate as a stand-alone entity within the National with its own Board. John Nolan continues as Executive Chairman and Ken Marshman as Managing Director.

John Nolan said the partnership with the National offered a unique opportunity to leverage off the National's scale and investment platforms to provide ongoing and expanded services to existing and potential funds with which it works.

The existing business will continue with new initiatives undertaken with the support and resources of the National.

"Our agreement with the National is a strong endorsement of our successful operating principles and the nature of our relationship with the funds we work with. The asset consulting and broader financial services environments are extremely competitive with overseas entrants playing an increasingly influential role in the Australian market.

"JANA wants to ensure that it can continue to provide value added advice and services in this global league. JANA will continue to develop our relationships with Australian funds in all sectors and to expand our extensive research capability, while drawing on the resources of the National where required."

Mr Nolan said the new relationship with Australia's premier financial institution was the best way for the company to meet the changing demands of the marketplace, while retaining high levels of individual service.

Mr Nolan said the agreement would deliver the best of both worlds. JANA will maintain its business approach, which is based on building partnerships with funds and providing advice tailored to meet their specific investment objectives. At the same time, JANA would be able to call on the financial and systems resources to upgrade its service capabilities.