ING overcomes issues
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.
AUTHOR
Mike Taylor
Recommended for you
Equity offerings should be “seriously considered” by advice firms if they want to attract experienced advisers with the option viewed as a major differentiator for candidates seeking their next role.
DASH Technology Group has enacted two internal promotions, appointing a chief risk officer and chief commercial officer to strengthen the firm’s governance and operational capabilities.
The Stockbrokers and Investment Advisers Association has announced the appointment of its new chief executive following the exit of Judith Fox after six years.
Insignia Financial has appointed an experienced financial advice leader as head of education and advice on its Master Trust business, who joins from Ignition Advice,
