ANZ on the lookout for global funds partner
ANZ has outsourced its Australian equities investment management to Allianz Asset Management.
The group says the Allianz deal is an interim measure while it scouts for a joint venture partner in funds management with a reach into the global market.
The ANZ equities unit will join Allianz before handing over to the successful partner by the second half of 2001.
ANZ funds management and insurance business general manager Bruce Bonyhady will be leading the new move towards Allianz. He says a major marketing campaign will be launched in April to strengthen its image as a major fund manager.
"Our decision to work with Allianz as an interim step acknowledges their strength as a global player and provides continuity for customers and staff while we identify the most suitable strategic option," Bonyhady says.
Bonyhady, along with the funds management and insurance business will be reporting to ANZ group managing director strategy and international, Elmer Funke Kupper.
ANZ chief executive John McFarlane says the move is in response to the recognition of the increasing presence of international fund managers in the Australian industry.
"Funds management is an important growth business which can realise its full value by partnering with a global organisation and fully leveraging the strength of our customer businesses, particularly Wealth Management," he says.
He says that it makes more sense to be looking at partnering with a global funds management company rather than a domestic one, since ANZ wants to position itself as a major player in this area.
It is understood that Allianz could be one of the contenders for that role, but at this stage, McFarlane says, they are looking for an international partner with a brand name recognised by local investors.
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