ANZ Bank Sells Selected Wealth Management Businesses to IOOF. AUD 29 FVE Unchanged
Wide-moat Australia and New Zealand Banking Group’s sale of selected wealth management assets to IOOF Holdings continues the bank’s 18-month long groupwide business repositioning strategy. The AUD 975 million sale follows a year-long reassessment of the bank’s involvement in Australia’s challenging financial advisory sector resulting in the sale of the pensions, investments and aligned dealer group businesses. As part of the deal, ANZ Bank has entered a 20-year distribution agreement to sell IOO...Australia and New Zealand Banking Group provides a range of banking and financial products and services to retail, small business, corporate and institutional clients. Co. operates on a divisional structure with six divisions: Australia, Institutional, New Zealand, Wealth Australia, Asia Retail & Pacific and Technology Services & Operations and Group Centre. Co.'s core products offered include deposits, credit cards, loans, investments and insurance, retail products provided to consumers, and banking and financial solutions provided to business customers through managers, among others. As of Sept 30 2015, Co. had total assets of A$914,869,000,000 and total deposits of A$566,847,000,000.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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