ANZ and Macquarie have partnered to develop a new wrap platform for ANZ advisers.
Under the agreement, Macquarie will take effective stewardship over ANZ subsidiary business Oasis, with ANZ staff being reduced over the next 18 months as administration services are transferred. According to ANZ's statement, "the majority" of the 146 Oasis roles will be given to Macquarie employees.
The result of the partnership will be a new adviser wrap platform, administered and engineered by Macquarie, which will serve Oasis's 50,000 clients representing $6.9 billion in funds under management.
"Detailed plans are being developed to support staff during the transition, which ensures they have time, support and notice to consider other options," explained ANZ managing director pensions and investments Peter Mullin.
"Their entitlements are protected and a full range of career support services will be provided."
He added, "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."