ANZ to ditch Oasis for new platform
ANZ is set to abandon its Oasis wrap in favour of platform developed in partnership with Macquarie Investment Management, over the next 18 months.
As part of a deal between the bank and Macquarie, the new wrap platform will be available to ANZ's advice partners from May, ANZ managing director pensions and investments, Peter Mullin, revealed.
Under the agreement, Macquarie will provide administration support services that have been provided by ANZ's Oasis platform — which has $6.9 billion in funds under management — over the next 18 months.
Mullin said that at the end of the transition period most of the functions provided by the 146 roles supporting the Oasis business will be performed by Macquarie.
"The decision to partner with Macquarie was made following an extensive business and market review and is the right decision for our customers," he said.
"We are now focused on making sure the transition to the new business is done in a respectful and well-organised manner.
"Detailed plans are being developed to support staff during the transition, which ensure they have time, support and notice to consider other options.
"Their entitlements are protected and a full range of career support services will be provided."
The announcement came as platform provider, Wealthtrac, revealed it had acquired Superior Wealth Management Solution's (SWM's) service level agreement with Oasis.
AUTHOR
Nicholas O'Donoghue
Recommended for you
ASIC has cancelled the AFSL of a Perth financial services firm following payments to its clients by the Compensation Scheme of Last Resort after a failed managed investment scheme.
Bravura chief executive Andrew Russell has announced he will be stepping down from the company, just under two years after his appointment.
Financial advice businesses with a younger, wealthier client base are enjoying higher valuations and increased attention from potential buyers than those with older clients.
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
