ANZ to close NZ wholesale funds business
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.
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