Macquarie Investment Management has inked an agreement with Australia and New Zealand Banking Group (ANZ) to develop a new wrap platform for ANZ’s advice partners.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
Under the agreement, Macquarie will offer administration services presently offered through Oasis, ANZ’s wholly owned business.
At present, Oasis manages $6.9bn in funds and serves over 50,000 customers.
Employees in Oasis are expected to be reduced over the next 18 months as services are transitioned to Macquarie.
ANZ managing director pensions and investments Peter said that the bank will support the affected employees during the transition process, ensure their entitlements are protected and offer employees various career support services.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataThe transition is slated to be completed within 18 months, with the new platform expected to be rolled out from May 2016.
"The decision to partner with Macquarie was made following an extensive business and market review and is the right decision for our customers. We are now focussed on making sure the transition to the new business is done in a respectful and well-organised manner," Mullin added.
