ASB has made a decision to undertake a strategic review of its investment and custody businesses Aegis, which currently has $15.2 billion in funds under administration.
The purpose of the strategic review is to assess whether Aegis can grow and better serve the interests of its customers under ASB’s ownership, or if Aegis’ potential could be better realised under new ownership, the bank says in a statement.
“Aegis is in great shape thanks to strong and sustained funds under administration growth and robust leadership. The strategic review is about enabling the ongoing success of Aegis by ensuring its customers continue to receive excellent levels of service in the future. The review will assess if this is most likely to be achieved under ASB or another owner. Aegis remains committed to excellent service levels for our customers throughout the strategic review process,” said Adam Boyd, ASB executive general manager, Private Banking, Wealth and Insurance.
The bank estimates the review will take up to six months.
It says Aegis has experienced strong and sustained growth in funds under administration (FuA) and is now one of New Zealand’s largest investment administration firms.
ASB won’t be providing any further comment while the strategic review is underway.
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