ING to continue post ANZ acquisition
ANZ is aiming for a seamless transition to its full ownership of ING wealth management, leaving existing teams in place.
In documentation accompanying last Friday’s announcement of the banking group’s decision to acquire the remaining 51 per cent of the ING joint venture, ANZ said the current management team and staff would continue to operate the business, with Harry Stout continuing as chief executive of ING Australia, while Helen Group would continue as chief executive in New Zealand.
What is more, there will be no immediate change to branding, with the ING brand remaining in place for up to 12 months while any new branding is determined.
ANZ said it would also continue to use ING Investment Management as its preferred provider of asset management services in the medium term.
Looking over the horizon, ANZ indicated that the acquisition would allow the group to pursue further wealth management opportunities “without the constraints of joint ownership”.
Recommended for you
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
A $3.5 million settlement for victims of Melissa Caddick has been approved by the Federal Court following an initial agreement last December.
The Reserve Bank of Australia has delivered its first rate decision since the introduction of a new board structure last month.
Digital advice provider Otivo has launched an interactive tool, powered by artificial intelligence and Otivo’s own advice engine, to help answer client questions.