ING/ANZ alliance given profit boost

joint venture ANZ dealer groups chief executive

1 March 2004
| By Ben Abbott |

By Ben Abbott

ING Australiahas silenced critics of its funds management joint venture with ANZ, after the business posted a 50 per cent increase in net profits for the year to December 2003 on the back of a significant reduction in expenses.

The $215.4 million after tax profit followed an expense reduction of 12.5 per cent or $394.5 million, which the group says was ahead of its target when the joint venture was kicked off in May 2002.

“Since the joint venture was formed, we have held market share, substantially reduced our cost base and integrated the respective ING and ANZ operations,” ING Australia chief executive Paul Bedbrook says.

“It’s a good result in what has been a challenging operating environment. Given that investment markets and investor sentiment are recovering, we are now well positioned for future growth,” he says.

Bedbrook says improved financial management means business growth will now assist the bottom line directly, and the challenge will be to drive the efficiencies through the company.

The group says the highlights of 2003 included the launch of the ANZ OneAnswer investment platform, a reorganised sales and distribution structure to leverage major channels, and the reorganisation of the ING-owned dealer groups.

Bedbrook says ING Australia is trying to further develop a channel distribution focus for the bank network, tied dealer groups, and third party dealer groups.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

Interesting. Would be good to know the details of the StrategyOne deal....

3 days 23 hours ago

It’s astonishing to see the FAAA now pushing for more advisers by courting "career changers" and international recruits,...

3 weeks 2 days ago

increased professionalism within the industry - shouldn't that say, FAR register almost halving in the last 24 months he...

4 weeks 1 day ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

2 weeks 3 days ago

A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments ...

2 days 22 hours ago

Pinnacle Investment Management has announced it will acquire strategic interests in two international fund managers for $142 million....

2 days 1 hour ago