ING and ANZ Bank have, since 2002, run a joint venture to provide funds management and insurance products through the bank. From the end of this month, the National Bank will also be part of that venture, says ING’s general manager of marketing Wayne Becker.
That brings in the $650 million funds under management currently held by National Bank Investment Services, and makes ING – already the country’s largest fund manager - even larger.
National Bank Investment Services (NBIS) will become a subsidiary of ING and change its name to ING Managed Funds. Advisers who support the four NBIS products – the Thoroughbred Multi and Single Sector Unit Trusts; Cash Fund; Education Fund; and Superannuation Scheme – will now be serviced by one of ING's business development managers, says Becker.
The change extends to insurance being sold by the National Bank. From the end of the month, National Bank NBNZ Life Insurance will be renamed ING Insurance Services, says Becker.
Earlier this week ANZ’s chief executive told analysts that it sees wealth management and insurance as key areas of growth, and that it is focusing on the Australasian region rather than trying for growth further afield.
"We want a much more strategic position in wealth management and insurance,” he told analysts. The relationship with ING gives the bank clout in a globalised business where size and scale is essential, he said.
"It remains attractive for us to have a global partner rather than do it on our own."
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