Under the venture, which is 51% owned by ING and 49% owned by ANZ, the bank will source funds management capabilities from ING, and ING will get access to ANZ's extensive distribution network.
Currently ANZ, which has about 40 advisers in New Zealand, distributes a Frank Russell multi-manager product under the Ascent label.
This programme has been reasonably successful in New Zealand raising about $700 million since it was launched in late 1998.
Frank Russell director Ed Smith says the programme has also been "tremendously successful" in meeting its investment objectives.
ING's, which has mainly single sector funds, is expected to be keen to have its products on the ANZ advisers' product shelf.
However, the bank has made no decisions about how it will run its adviser network going forward.
There has been much speculation about the future status of the Frank Russell/ANZ deal.
Frank Russell Australasian manager director Alan Schoenheimer says the relationship with ANZ continues as before and no changes have been made.
"Financial planners are still writing it," he says.
Schoenheimer says that two groups are still working out many of the details of their joint venture.
"ANZ and ING are working out what it means to be married."
He says the Frank Russell's contract with ANZ runs for another 18 months
Meanwhile, managed fund researchers Morningstar have come out in support of the deal. It has decided to maintain ING's five star rating and ANZ's three star rating.
"Based on initial assessment the joint venture appears broadly positive for both ING and ANZ," it says.
However, it points out there are a number of risks with the venture.
These include the risk that there will be "a cultural misfit" between the two organisations, likewise during the integration process staff resources may be diverted from their normal day to day functions.
"The value proposition of the joint venture may also be questioned if investment performance slips relative to peers," Morningstar says, "leading to funds under management objectives not being met."
The research house says one of these issues may be mitigated by ING's investment performance track record.
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