ANZ to close NZ wholesale funds business
![Old doors with chain and padlock](https://financialnewswire.com.au/wp-content/uploads/Shutterstock_124637110.jpg)
In yet more evidence of just how tough life has become for fund managers, reports out of New Zealand on Friday were pointing to ANZ Investments closing down its wholesale funds business.
New Zealand publication Investment News reported that ANZ had informed clients that it had decided to exit the wholesale business.
The publication quoted the group’s note to clients as stating: “Our Wholesale business has faced subdued growth in recent years and now represents approximately 10% of our overall business. We believe we would need to make significant investments into our systems to continue to improve our service and position this business for sustainable growth”.
The report said the manager would give formal notice to wholesale clients in a month with a final target final shutdown by 31 August.
Kudos to Peter Johnston for taking a bold stand on the Dixon Advisory CSLR debacle. His referral of this issue…
This stuff has been going on for years. In addition, why are the "compare the pair" adverts allowed. The claims…
Well said.
Totally and utterly REGULATORY CAPTURE CORRUPTED both APRA & ASIC with their best buddies Industry Super. The fact these bureaucrats…
Thanks Industry Super troll Can’t wait to the ISA unlisted assets and related party corruption gets more attention too