Former AXA boss to look after ASB's billions

The ASB Group has combined the investment funds of all its subsidiaries under one roof and appointed former AXA boss, Ross McEwan, to run the multi-billion business.

The group will have retail funds under management of $4.3 billion and $6.9 billion under administration. It will include the investment funds of Sovereign, ASB Bank, Aegis and Jacques Martin.

"The rationale behind the new investment division is to provide a single entity to maintain business growth by consolidating the group’s expertise within our various separate organisations to our customers’ advantage," ASB Group managing director Hugh Burrett says. "This will include generating the best returns possible, managing risk profiles and sharing our research and development initiatives across the total product and service range."

He says the group will continue to market and distribute retail funds under the Sovereign and ASB Bank brands, and each will have its own strong, distinctive products and services.

Information in relation to the funds of each of our operations will continue to remain confidential to them.

He says the back room functions of the various entities are being centralised, and the business will have a focus on growth.

McEwan, will report to Burrett. He will be located at Sovereign’s North Shore City headquarters.

Since leaving AXA he has been the managing director of First New Zealand Capital Securities.

Sovereign managing director Simon Swanson will remain ASB Group’s representative on the Investment Saving and Insurance Association.