ANZ CONSIDERING ITS OPTIONS
ANZ Funds Management is considering its options for equity management after the loss of two analysts.
Monday, September 1st 1997, 12:00AM
ANZ Funds Management, which has about $1.7 billion under management, is reconsidering its approach to share management following the loss of its two equity analysts.Earlier this year Amanda Smith joined Armstrong Jones, and more recently Simon Rutherford joined Prudential Portfolio Managers in Sydney.
ANZ Funds Management general manager Anthony Quirk said the firm is looking a few options for managing the portfolios.
Some of them are quite distinctive options which would be new in New Zealand.
Mr Quirk said industry speculation that ANZ was about to embrace passive management was wrong.
ANZ has a binding ruling and is managing some of its wholesale funds on a passive basis, however Mr Quirk does not believe passive management is the answer to equity management.
"We are not great believers that passive management is the complete answer."
He has "healthy scepticism" for those who say it is.
Mr Quirk also said ANZ is committed to the funds management business.
Group chief executive Don Mercer had outlined the three core businesses which would provide the bank with future growth and they included funds management, credit cards and investment banking.
Mr Quirk said a decision on equity management style would be made in October or November.
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