ANZ has announced it will begin outsourcing most of its Oasis platform services to Macquarie Investment Management Limited.
In a statement, the bank said Macquarie will develop a new wrap platform and provide administration services for ANZ’s advice partners.
The transition to Macquarie is expected to be completed over the next 18 months, the statement said.
ANZ’s wholly-owned Oasis platform currently has $6.9 billion in funds under management and serves more than 50,000 customers.
As the transition takes place, staff members at Oasis will be progressively reduced.
The majority of services provided by the 146 roles currently supporting the Oasis business will be provided by Macquarie at the end of the transfer, the statement said.
ANZ managing director of pensions and investments 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," Mr Mullin said.
Chinese tech opportunities are on the rise and more attractive than ever, but come with severe reputational risks. ...
The supply of bitcoin is set to halve, opening up the possibility of a repeat of the massive rally seen in 2016. ...
Xinja has been forced to lower interest rates across its savings accounts to keep up with the RBA’s unprecedented policy moves. ...