ANZ in talks over ING MyWrap rollout
The ANZ Banking Group could be making the move from theBTWrap toINGMyWrap for its Private Clients division, according to the ING group.
ING head of funds management distribution Jarrod Brown says while is it unclear when the proposed roll out will be, the new wrap will be designed with ANZ’s “top tier” planners in mind.
“It is in eyesight, but not in the near term,” Brown says.
“ANZ have reviewed ING’s wrap offering and think it’s good. There is a high likelihood that they will take it on,” Brown says.
The ING group also has plans to move all its platform to one technology provider - ANZ’s Gatekeeper - before the rollover in August.
“Gatekeeper is more upgradeable, and ahead of the rest. It can take our whole suite of products,” Brown says.
ANZ rolled out its own version of ING’s OneAnswer to its 320 bank-based financial advisers last month, using the same name and structure but slightly different investment menu.
At the time ANZ made a capital injection of $960 million and rolled in its own wealth management business worth $879 million and in turn picked up 49 per cent of the joint venture funds management and life insurance vehicle, ING Australia.
Brown says relative to the broader market ANZ planners have been outperforming and are responsible for about 50 per cent of OneAnswer’s inflows for the year, with the group now at just under 70 per cent of budget for the year to date.
“At present, ANZ driven inflows represent around half of gross flows, which is largely due to the joint venture’s focus on ANZ, but as we return our focus to external markets and owned equity that figure should drop back to around 40 per cent,” Brown says.
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