ANZ exits custody
|
|
ANZ has decided to exit the custody business, agreeing to sell its custodian services arm in both Australia and New Zealand to J.P. Morgan.
The transaction was confirmed to the Australian Securities Exchange (ASX) today, with ANZ group managing director, institutional, Shayne Elliott saying the move continues the process of refocusing ANZ's institutional business on its core banking priorities.
"Custodian services is increasingly a global scale business and J.P. Morgan Worldwide Securities Services is ideally placed to service this portfolio of clients," he says.
The transaction is expected to be completed before December 31 and is subject to regulatory approvals after which there will be a progressive transfer of business and staff in 2010.
AUTHOR
Mike Taylor
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
