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MLC mops up Meritum Financial

MLC said yesterday it had bought the remaining equity in the Meritum Financial Group financial advice business.MLC, the wealth management subsidiary of National Australia Bank, acquired a minority ownership stake in Meritum as part of its acquisition of Aviva Australia in 2009.Meritum, established in 2003, has more than 110 financial advisers and more than A$3.5 billion in funds under management, MLC said.

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