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.
NOTE: please be advised to read full articles from Business Desk Website, you will have to pay a subscription fee on their website.
No comments yet
NZ dollar holds gains on improved dairy, bank capital outlook
MARKET CLOSE: NZ shares gain; banks rally on Reserve Bank capital decision
NZ dollar rises; bank capital rules less harsh than expected
RBNZ relaxes capital requirements, allows preference shares, extends phase-in
NZ dollar extends gain amid mixed US data, possible trade progress
MARKET CLOSE: NZ shares dip on eve of major regulatory decisions
NZ dollar sees off global headwinds, holds above 65 US cents
NZ dollar holds above 65 US cents; dairy auction prices mixed
Dairy index falls on weaker butter, milk fat demand
MARKET CLOSE: NZ shares join global decline; US tariff move weighs on exporters