Business as usual Body tells IFAs
The bank yesterday announced it was establishing a new wealth management business, ANZ Wealth, by bringing together OnePath, Wealth Direct and the investment and insurance specialists in the ANZ and National Bank brands.
ANZ Wealth is being headed up by John Body, from the institutional side of the bank.
He says there is a trend worldwide for banks to increase their operations in the wealth management space and this move is another example of that happening.
He says ANZ has been offering wealth management services. Its private bank deals with clients with more than $1 million; its investment specialists look after people with between $250,000 and $1 milliion while Wealth Direct is for people with less than quarter of a million dollars. The fourth part of the business, for lower value clients, is KiwiSaver.
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