NAB has agreed to sell a 55 per cent stake in asset consultant JANA to a group of senior executives in a management buy out to be completed in the next three months. The influential asset consultant, which started life as John Anthony Nolan & Associates, advises institutions on how to invest more than $350 billion in assets and employs around 80 staff. The management buyout will deliver equity to around 25 executives and senior managers.
The value of the transaction was not disclosed. JANA chief executive Jim Lamborn said that the equity model would help the business retain and attract talent while offering the company a flexibility similar to consulting, legal and accountancy practices. “Those entities are quite agile, someone walks in the door and they can throw the resources they need at the client. This gives us the best of both worlds, the flexibility and a strategic partnership with a financial powerhouse,” Mr Lamborn said.