ANZ Funds Management to expand distribtution
ANZ Funds Management is about to start promoting its managed funds and life insurance produsts through independent financial advisers.
Wednesday, August 19th 1998, 12:00AM
ANZ Funds Management is on the verge of extending distribution of its managed funds and insurance products through independent financial advisers.Currently ANZFM is running advertisements seeking someone to manage this side of its distribution.
Head of retail sales Graham Duston says the person in that position will be responsible for managing this distribution channel, and will be involved in some product management with both investment and insurance products.
He says expanding distribution is always something that has been on the group's agenda, however before it moved down this track it wanted to make sure the necessary infrastructure was in place.
Currently ANZFM sells its funds through 33 ANZ advisors that work within the bank network.
Duston says ANZFM has approval to increase the number of advisers to 50 over the next two years.
He says the independent financial advisory network is one market that the bank hasn't cracked.
ANZFM isn't going for wide coverage in this market, he says, rather it will be "a bit selective" over which independent financial advisers it uses.
As part of ANZFM's changes it is relocating its sales and marketing functions from Wellington to Auckland. The move, which will take place in a couple of month's time, is because the bank feels it has been under-represented in New Zealand's biggest market.
By being based in Auckland, it believes it can do even better than it is currently doing.
ANZFM's funds management and client service functions will remain based in Wellington.
A formal announcement on ANZFM's distribution plans will be made in October.
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