Will Aviva boost NABís employer brand?

An injection of new products from Aviva Australia might help NAB to increase the quality and quantity of its wealth management workforce.

The $925m purchase of Avivaís wealth division gives NAB increased scale and breadth as it battles for talent with its Big Four rivals, including its key wealth-management rival, Westpac/St.George.

Rather than leading to layoffs, this takeover could create more candidate confidence in NABís ability to offer worthwhile careers within funds management, life insurance and financial advisory – the three key parts of Avivaís business.

Unlike most other finance-sector mergers, overlap between the firmsí operations is minimal, which should help to reduce back-office retrenchments. Aviva is seen as an ìadd-onî to NAB, so there isnít much role duplication.

The deal is an example of ìhow aggressive NAB intends to be in building up its product offerings and market share within wealth management,î Warren Price, managing director of Select Personnel, tells eFinancialCareers.com.au.

Luke Heath, chief executive of Chandler Heath Executive Recruitment, agrees: This is a strong commitment by NAB to advance its private wealth offering. Candidates will regard it positively.

NAB has already been carrying out what one headhunter describes as ìselective executive-level recruitmentî this year, partly in expectation of the Aviva acquisition.

In the longer term, Heath believes the Aviva purchase should result in more front-office recruitment. Price adds: ìThis is significant enough that it will lead to more hiring in the future because NAB will be able to better take advantage of market improvements.î

Under the deal, NABís MLC unit gains control of the Norwich Union life insurance business, the Navigator funds management platform and stakes in four financial advisory firms.