In a bid to secure a larger share of Australia’s wealthiest families, ANZ is tasking its private bankers with the formidable challenge of outpacing global investment giants like Morgan Stanley and UBS.
The bank’s ANZ Private division is seizing the opportunity presented by what is anticipated to be one of the nation’s most significant transfers of intergenerational wealth. It has unveiled a suite of new products tailored for its most affluent clients, who are deliberating the future of family enterprises or seeking to diversify their investments beyond real estate and stocks.
James Dunlop, ANZ Private’s general manager, emphasized the critical importance of being present during this transitional phase. He stressed the bank’s strategic focus on engaging with the next generation of wealth holders, aiming to establish trust and forge lasting relationships.
The first step in this endeavor is a partnership with fixed-income investor Income Asset Management, offering ANZ Private’s ultra-high-net-worth clients access to a bond portfolio overseen by ANZ Private’s chief investment officer, Lakshman Anantakrishnan. With a minimum investment requirement of $50 million, Anantakrishnan aims to deliver enhanced returns amidst a landscape of rising interest rates.
As ANZ Private bolsters its offerings, it faces an uphill battle against its Wall Street counterparts. Despite managing approximately $10 billion in assets in the private banking sector, it trails behind competitors typically overseeing $25 billion or more.
This initiative mirrors similar endeavors by global wealth management giants like JPMorgan and HSBC, which have expanded their presence in Australia to court family offices with assets exceeding $20 million. ANZ Private targets individuals and families with investible assets surpassing $3 million, sourcing client products through third-party providers.
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