ANZ has sold its stake in the ANZ ETFS joint venture with ETF Securities just two years after the partnership was launched in May 2015.
Graham Tuckwell’s ETF Securities has taken full control of the ANZ ETFS joint venture after ANZ sold back its stake in the business.
ANZ managing director of markets, institutional, Shayne Collins, said the decision to sell the stake was “based on ANZ’s desire to simplify the institutional business, and increase focus on supporting client trade and capital flows across the region”.
ANZ chief executive Shayne Elliott previously stated his intention to exit product manufacturing, and is actively courting buyers for the bank’s wealth management business.
As a result of the sale, ANZ ETFS will be rebranded ETF Securities Australia, which will be a wholly-owned subsidiary of the ETF Securities Group.
The firm will continue to be led by Kris Walesby, the current head of ANZ ETFS.
“We are committed to delivering an ambitious program of new products which we expect to start rolling out over the remainder of 2017,” Mr Walesby said.
“We already have a strong foundation here with 13 ETPs listed on the ASX (eight launched under the ANZ ETFS name and five existing ETF Securities products).”