We’re not buying AFS: ANZ
ANZ Banking Group has firmly denied media reports today stating it is preparing to acquire mid-tier dealer group AFS.
A spokesperson for the group described the suggestion as “complete fantasy”. The spokesperson said ANZ is “not in discussions with AFS regarding a potential acquisition and have no plans to do so”.
“ANZ’s specialist wealth management business, ING Australia, has a client relationship only with AFS.”
ING provide a badged wrap solution, Oasis Asset Management, to AFS.
There have been question marks over a potential buyer for AFS since the group announced it was on the market in April. AFS said the original bid was from a non-institutional buyer, although AFS chief executive Peter Daly confirmed in June that two prospective institutional buyers had begun due diligence on the group.
Daly had hoped the deal may be wrapped up by now, having requested all parties table complete offers for consideration by the end of the financial year.
Recommended for you
The FAAA has secured CSLR-related documents under the FOI process, after an extended four-month wait, which show little analysis was done on how the scheme’s cost would affect financial advisers.
Nearly seven in 10 HNW-focused advisers view alternatives as the asset class that will be fundamental to meeting client demands in the future, according to Praemium.
The Perth-based advice practice has welcomed a private wealth adviser and senior paraplanner to its ranks amid its strategic shift towards wealth transfer strategies.
The number of members expelled from the Australian Financial Complaints Authority almost doubled between 2023 and 2024, according to internal data.
