(30 November 2005 – New Zealand) National Australia Bank will sell its New Zealand managed funds subsidiary BNZ Investment Management to Assure New Zealand.Assure New Zealand is a wholly owned subsidiary of AXA Pacific Holdings, which itself is 51.6 percent owned by AXA Group, the world’s fifth largest investment management organisation.
BNZ general manager Personal Financial Services Blair Vernon said the 40,000 investors would remain BNZ customers and that the sale to Assure would be positive for them.
“The step combines BNZ’s nationwide network of investment advisors and customer support with AXA APH’s investment expertise and global strength,” he said.
AXA will take over responsibility for BNZ Investment Management’s NZ$2.4 billion funds under management on 31 January 2006.
Vernon said the business had been restricted in its ability to develop new opportunities because of the size of the market in New Zealand.