NabInvest, the direct asset management business of National Australia Bank Ltd., says it has acquired Aviva Investors Australia Ltd., which has about $5.5 billion in funds invested in Australian stocks.

NAB didn’t disclose the price it paid for Aviva, formed in 1994. Gary Mulcahy, chief executive of NabInvest, wasn’t available for comment. NabInvest manages about $51 billion.

Craig Bingham, Avia’s Australian chief executive, says he plans to take six months off, get his pilot’s licence and ride a bicycle through Italy and France.

The takeover of NabInvest excludes Avia’s direct property investment business.

In other NAB asset management news, the company’s asset servicing unit has retained Club Plus Super and Asset Super as clients after both funds invited other companies to compete for their custody business.

Club Plus and Asset Super each has $1.4 billion in assets.

“We wanted to conduct a fair and open process to ensure we ended up with the right custodial solution,” says Paul Cahill, chief executive of Club Plus.