Sharechat Logo

ASB reviews ownership of Aegis

Tuesday 21st May 2019

Text too small?

Commonwealth Bank of Australia-owned ASB is considering selling its Aegis investment administration business.

The firm, started by Sovereign Insurance and 1996 and part of ASB since 1998, administers about $15.2 billion local and offshore investments on behalf of banks, brokers, trustee companies and fund managers.

Adam Boyd, ASB’s executive general manager for private banking, wealth and insurance, says the aim of the review is to test whether Aegis can better grow and improve its service to customers within ASB or under new ownership.

The review is expected to take about six months.

“Aegis is in great shape, thanks to strong and sustained funds under administration growth and robust leadership,” Boyd said. “The strategic review is about enabling the ongoing success of Aegis by ensuring its customers continue to receive excellent levels of service in the future.”

Aegis comprises two business, Aegis Ltd and Investment Custodial Services.

The firm says its custodial wrap service offers investors access to some products only available through investment platforms, and at wholesale fees and low brokerage. All portfolio transactions are managed and reconciled by Aegis, which also provides valuation, performance and tax reporting.


  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Rio Tinto decision following strategic review of Tiwai
Contact says smelter closure is ‘disappointing’
South Port (SPN) Statement on NZAS Tiwai Point Aluminium Smelter Closure
Rio Tinto announcement on Tiwai Aluminium Smelter
Me Today announces equity raising to accelerate growth
Scott Technology Trading Update; Rising to the COVID Challenge
New non-binding indicative offer received from apvg, shareholder meeting deferred
U.S. Added 4.8 Million Jobs in June as Reopened Businesses Rehired
Auditors have a duty to be alert to fraud
Strong sales recovery but uncertainty remains over economic outlook and potential second wave of COVID-19

IRG See IRG research reports