You could have knocked Outsider down with a feather when he saw ANZ’s Shayne Elliott announcing to the Australian Securities Exchange that the big banking group was looking at the possible sale of its Wealth management operations.
But then Outsider remembered all the people he knows who had once worked in and around ANZ Wealth, particularly that well-known New Zealander, petrol head and Italophile, Paul Barrett not to mention the former Association of Financial Advisers (AFA) and Millenium3 chief now turned New Zealand Financial Services Council boss, Richard Klipin and the sundry other ANZ Wealth refugees.
No, it seems to Outsider that the writing was possibly on the wall a long time ago for ANZ’s interest in wealth management, even if that wall happened to be somewhere between the executive suite and the executive rest rooms.
Looking at Barrett and Klipin, Outsider has concluded that ANZ Wealth was little more than a stop on the way to somewhere else. He hopes they enjoyed at least some of the journey.
