It announced yesterday in Australia, that it has signed a memorandum of understanding with ING to form a joint venture funds management and life insurance group.
The announcement ends months of speculation, which has included rumours that ANZ was going to partner with a number of groups including BT Funds Management, AXA and Deutsche Asset Management.
Under the deal ANZ will draw its funds management and insurance products from the joint venture, to be called ING Australia Limited, and outsource its investment management activities to ING Investment Management, which will purchase ANZ’s Asset Management business in Australia.
The joint venture business will operate in Australia and New Zealand.
ING would hold a majority stake of 51% and ANZ will own the balance.
The joint venture will manufacture, market and service products under the ING brand for distribution through ING’s professional adviser networks and under the ANZ brand for distribution through ANZ bank channels.
The joint venture would include the bulk of ANZ’s funds management and life insurance operations. It would also include all of ING’s funds management and life insurance operations, and most of its distribution operations.
Previously ANZ had an exclusive funds management deal with Frank Russell. Under this arrangement Frank Russell ran ANZ's Ascent Investment Programme. It is unknown what will happen to this service. Also unknown in New Zealand is how the deal will impact on Armstrong Jones' arrangement to manage money for WestpacTrust.
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