Tuesday 21st May 2019
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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.
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