• IOOF Holdings Limited


  • MLC Wealth Management (Owned by NAB)


IOOF proposes to acquire MLC Wealth Management, the wealth management businesses owned by the National Australia Bank (NAB).  

IOOF and MLC Wealth Management both supply (through licensed financial advisers, corporate/employer sponsors, and directly) superannuation and non-superannuation investment products and financial advice to consumers in Australia. 

Market definition

The ACCC considered the effect of the proposed acquisition on competition in Australia for the supply of:

  • retail investment platforms for superannuation and other retirement income, and discretionary investments
  • corporate investment platforms for superannuation and other retirement income
  • financial advice
  • investment/asset management.

The ACCC did not reach a concluded view on market definition as it was not necessary for the competition assessment.

Competition analysis

The ACCC concluded that the proposed acquisition was unlikely to substantially lessen competition in any relevant market.

The ACCC’s review indicated that, post-acquisition, IOOF would be competing with and constrained by several other large firms along with a number of smaller firms for the supply of retail platforms.

For the supply of corporate platforms for superannuation and other retirement income, the review indicated that IOOF would still face significant competition from large industry superfunds.

For the supply of financial advice, information provided to the ACCC indicated that IOOF would still only have a market share of approximately 10 per cent post-acquisition, that the market would remain highly fragmented and the merged entity would face competition from AMP, a similar-sized competitor, as well as other smaller firms.

Market inquiries


Date Event

ACCC commenced informal review under the Informal Merger Review Process Guidelines.

Closing date for submissions.

ACCC announced it would not oppose the proposed acquisition.