Insignia Financial has completed the separation of MLC Wealth from National Australia Bank.
In an update to the ASX, Insignia said the transition of the MLC MasterKey and Plum registries, along with associated applications, from NAB to Insignia Financial is one of the largest wealth management separations in Australia’s financial services history.
Insignia acquired MLC Wealth from NAB in 2021.
Over 700,000 MasterKey and Plum accounts, 55 systems and applications and more than 100 terabytes of data have been migrated.
As a result, Insignia is no longer reliant on NAB systems and technology to service its customers, employers and advisers, with employees operating entirely within the Insignia environment.
As part of this transition, Insignia has also moved the corporate and MLC general ledger to Workday, upgraded its infrastructure and applications, enhanced system performance and uplifted security and monitoring to make its environment safer for members.
At the same time, Insignia has introduced operational improvements for technology teams to improve system and infrastructure management and transitioned some applications, including MLC’s core registry system, to the cloud.