As of 31 March, ING Investment Management (ING IM) Australia had US$35.2bn of assets under management, and US$27bn of this amount is managed on behalf of ANZ’s wealth management business OnePath.
UBS in a statement said that ANZ will continue to manage its distribution and client relationships associated with this business.
However, the spokesperson for ANZ said the acquisition terms did not include any guarantees that ANZ would keep its US$27bn with the business.
But, the spokesperson also added that ANZ intend to work closely with UBS.
The deal, which is subject to Dutch Central Bank approval, will almost double the UBS’ total assets under management (AUM) in Australia to more than $60bn.
Post sale, ING’s only remaining Australian businesses will be ING Commercial Banking and ING Direct, an online banking service. The deal is expected to close in the fourth quarter of 2011.
