The pull of the burgeoning Auckland market has become so strong that ANZ Funds Management is moving some of its operations from the capital to the City of Sails.
It is planning to combine and base its sales and marketing functions in Auckland, and Graham Duston has been appointed to the newly created position of Head of Retail Sales.
ANZ has been one of the success stories of the funds management industry in the past three years, doubling its funds under management, which now stand at $1.8 billion, and scoring highly in the IPAC Fund Manager of the Year awards (it came fourth overall this year).
This has been achieved by selling its funds through a network of 33 advisers working out of its branches nationwide.
As part of a recent review of operations ANZ is planning to expand its advisory force over the next two years.
The key question on many people's mind is will ANZ expand its distribution to the independent financial planning community.
Apparently no decision has been made on this matter yet, however independent advisers are believed to be on the firm's "radar".
ANZ is moving its sales and marketing operations to Auckland as it believes it has been underrepresented in that area. Also it is an acknowledgement that the greater Auckland area represents more than a third of New Zealand's population and it is growing, consequently it is a growth market.
While it has done well in the funds flow stakes, it believes that by being based in the Auckland market it can do even better.
The other factor that has influenced this decision is the desire to have an integrated sales and marketing team focussed on distribution and not tied up with product management.
While the sales and marketing parts of the business will now be based in Auckland, funds management and client service functions will remain based in Wellington.
ANZ Funds Management general manager Anthony Quirk is also moving north.
The pull of the burgeoning Auckland market has become so strong that ANZ Funds Management is moving some of its operations from the capital to the City of Sails.