AET is a specialist provider of estate and trustee services, and provides a range of SMSF services including SMSF establishment, fund administration and audit services.

“National Australia Trustees’ offering is a strong strategic fit with our existing trustee business,” IOOF managing director Christopher Kelaher said.

“This acquisition demonstrates our commitment and belief that all Australians should have access to professional trustee services as part of their wealth planning to support their financial independence and provide them with peace of mind,” Mr Kelaher said.

“IOOF’s AET business is a leading trustee operator and this agreement will lead to improved outcomes for our combined customers who will benefit from greater scale and more specialist product offerings.”

National Australia Trustees chief executive Andrew Rimmer said, “This is the right outcome for our customers and follows a strategic review by NAB of the [National Australia Trustees Limited] business.”

“Both IOOF and NATL are committed to client service excellence and look forward to working together to ensure a smooth transition and continuation of superior client service.”