ANZ Banking Group plans to increase the number of financial planners from 200 to 500 by 2003, a decision that was made following its plan to expand its funds management business.
Funds management has been a particularly sensitive topic for ANZ for quite some time after its Australian shares team left in large numbers to rival group Allianz earlier this year.
As well as losing its Australian shares team, the bank has also had a tender in the market for a partner for the last few months with the likely choices early on being Deutsche, BT Funds Management, or Axa Asia Pacific Holdings.
However, it is understood that earlier today BT Funds Management withdrew its interest, with analysts claiming a partnership with AXA would be unlikely, leaving Deutsche as ANZ’s remaining option.
Last month Deutsche sent a note to clients, stating ANZ planned to grow its funds management business with a focus on increasing adviser numbers, improving the product offering and increased adviser productivity.
In the note Deutsche said that without an acquisition ANZ could not bridge the gap opened up by the Commonwealth and National Australia banks in the funds management area.
While ANZ can offer a partner distribution through its branch network a joint partner, on the other hand, would give ANZ customers access to Australian equities and balanced fund products.
ANZ says it will announce its new funds management partner after the full year results are posted on October 25.
