ANZ undertakes wealth shake-up, Phillips departs
ANZ has announced a change in approach to its wealth management business, with its Group Executive Wealth, Marketing and Innovation, Joyce Phillips leaving ANZ.
The big banking group announced to the Australian Securities Exchange (ASX) today that it would be more closely aligning the distribution of its wealth products and services with its retail and commercial businesses and focusing its insurance, superannuation and investment products business in Australia on improving returns and capital efficiency.
The moves were confirmed by ANZ chief executive, Shayne Elliott who said they were intended to generate more value by making it simpler and more convenient to access wealth solutions through closer coordination and alignment of the wealth and retail products.
The other changes announced by Elliott were that the Private Bank would report to Group Executive Australia, Fred Ohlsson and ANZ-branded distribution including ANZ Financial Planning would transition to be part of Retail Distribution, reporting to Catriona Noble.
He said that in New Zealand, wealth would be part of an expanded Retail, Business Banking and Wealth team reporting to John Body and that in Asia, wealth would join Retail Asia reporting to David Hisco, Group Executive and chief executive New Zealand.
The announcement said ANZ's remaining Insurance, Superannuation and Investments activities in Australia would be formed into a focused business known as Australia Wealth led by Alexis George as Managing Director.
Recommended for you
Shadow financial services minister, Luke Howarth, has stressed the Coalition’s commitment to reforming the CSLR, adding that he ultimately wants to “get rid of it”.
With just over three weeks until the federal election, the FAAA has put a reduction in red tape and further support for new entrants on its priority list for an incoming government.
The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered.
Rather than taking a controlling approach, the latest generation of overseas private equity deals is helping advice firms to achieve their growth ambitions, three commentators have said.
