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CMS Cameron McKenna advises National Australia Group Europe on its strategic alliance with AXA Life

November 2008

CMS Cameron McKenna LLP has advised National Australia Group Europe, on its wealth management division’s recently announced long-term strategic alliance with AXA Life.

As a result of the agreement, 105 financial planners will transfer from National Australia Group Europe to AXA and will provide advice on AXA's investment, pension and protection insurance products to Clydesdale Bank and Yorkshire Banks' 2.3 million UK retail banking customers.

As part of the deal, ÂŁ1.2bn of funds under management will also transfer from MLC, a UK division of the National Australia Bank Group, to Architas Multi-Manager, a division of AXA.

Completion of the deal is expected to take place in February next year.

The CMS Cameron McKenna team was led by Financial Institutions & Services partners, Ash Saluja and Barney Hearnden, working closely with National Australia Group's in-house legal advisers, Scott Bennett and Jane Oliver. The cross-practice team also included Mark Forman, Jodie Smith, Mez Raja, Lindsay Concannon, Yuban Moodley, Sarah Ozanne and Stephen Kilshaw.

National Australia Group is an international financial services organisation. The Group is structured around regional banking and wealth management operations and an international capital markets and institutional banking business. In the United Kingdom, the Group operates through its Clydesdale Bank and Yorkshire Bank businesses, which offer a broad range of services including retail, business and corporate banking. Clydesdale Bank joined the Group in 1987 and Yorkshire Bank joined in 1990.

AXA was advised by Norton Rose (Maria Ross) as well as its in-house counsel, Tobin Ashby.

For more information, please contact:

Ash Saluja, Partner 020 7367 2734

Barney Hearnden, Partner 020 7367 2878

Charles Dalton-Holmes, External Communications Manager 020 7367 3482

  • CMS is the organisation of independent European law and tax firms of choice for organisations based in, or looking to move into, Europe. CMS provides a deep local understanding of legal, tax and business issues and delivers client-focused services through a joint strategy executed locally across 28 countries with 56 offices in Western and Central Europe and beyond. CMS was established in 1999 and today comprises nine CMS firms, employing over 2,200 lawyers and is headquartered in Frankfurt, Germany.
    • CMS nine member firms are: CMS Adonnino Ascoli & Cavasola Scamoni (Italy); CMS Albiñana & Suárez de Lezo (Spain); CMS Bureau Francis Lefebvre (France); CMS Cameron McKenna LLP (UK); CMS DeBacker (Belgium); CMS Derks Star Busmann (Netherlands); CMS von Erlach Henrici (Switzerland); CMS Hasche Sigle (Germany); and CMS Reich-Rohrwig Hainz (Austria).
    • CMS Cameron McKenna LLP is a leading European law firm advising businesses, financial institutions, public sector bodies and governments. It is a limited liability partnership registered in England and Wales.
    • The members of CMS are in association with The Levant Lawyers with offices in Beirut, Abu Dhabi, Dubai and Kuwait.


    CMS Cameron McKenna LLP
    Mitre House - 160 Aldersgate Street
    GB-London EC1A 4DD, England
    T +44 20 7367 3000
    F +44 20 7367 2000
    Direct T +44 20 7367 3000

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