[Weekly Wrap] Money on the move

It wasn't that long ago AMP Capital and ANZ where the biggest players in the wholesale funds management world. Now they are no longer. Meanwhile, in retail land First Cape emerges as one of the biggest players.

ANZ’s announcement, last week, that it is to close down its $3 billion- plus wholesale business has surprised and disappointed many in the funds management industry.

It’s not many managers who can give away $15-20 million dollars of revenue and not seem too worried about it.

ANZ’s view is that it wants to focus on its retail business and it reports that wholesale funds under management have been flat, while retail grows.