ANZ to transition Oasis to Macquarie

ANZ has announced its Oasis platform will be wound up.

02-Feb-2016

By Elizabeth Somerville

Email Article Print Article

ANZ has entered into an agreement for Macquarie Investment Management to develop a new wrap platform for the bank ’s advice partners in place of its current Oasis offering.

The new platform will be available from May 2016 and as part of the agreement Macquarie will also provide administration services that Oasis is currently responsible for.

The transition to Macquarie is expected to take 18 months, during which time staff numbers in the Oasis business will be dramatically reduced.

Currently there are 146 roles supporting the Oasis business, however, at the end of the transition, the majority of these will be provided by Macquarie.

ANZ pensions and investments managing director Peter Mullin said: “Detailed plans are being developed to support staff during the transition, which ensures they have time, support and notice to consider other options.

“Their entitlements are protected and a full range of career support services will be provided.

“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 focused on making sure the transition to the new business is done in a respectful and well-organised manner.”

Oasis currently has $6.9 billion in funds under management and serves more than 50,000 customers.

ANZ announced in September 2014 that it was exploring alternative approaches for the delivery of its wrap platforms and that as part of that process a divestment and partnership arrangement was being considered.

The decision to look at “strategic options” for its wealth business would allow ANZ Wealth to focus on the core elements of its strategy, the bank said at the time.

« Back to Articles