ING overcomes issues

wealth-management/chief-executive/equity-markets/

31 August 2007
| By Mike Taylor |

ANZ Banking Group has used a trading update filed on the Australian Stock Exchange to point to what it describes as significant improvement in wealth management, but to also acknowledge a sluggish performance and lack of improvement from its institutional areas, particularly in New Zealand.

The update, issued by chief executive John McFarlane, also pointed to the fact that ING Australia had experienced strong funds under management flows and healthy equity markets and had “overcome its historical issues”.

“As such, it (ING) is now focused on growth and we believe its performance compares well to industry peers,” he said.

However, looking at the bank’s institutional division, McFarlane said it was performing well below the group average, with income growth at the bottom of the target range.

What is more, he said the second half was likely to be weaker than had been hoped due, in part, to recent market turbulence.

The company will report its annual results in late October.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months 4 weeks ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

5 months ago

ASIC has suspended the Australian Financial Services Licence of a Melbourne-based financial advice firm....

2 weeks 1 day ago

The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered....

2 weeks 6 days ago

ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test....

3 weeks 4 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND