ASB sells Aegis investment administrator to MMC

ASB sells Aegis investment administrator to MMC
Jenny Ruth
ASB Bank says it has sold its investment administration and custody business Aegis to MMC, a specialist outsourcing and investment administration business based in Auckland, for an undisclosed sum. The Commonwealth Bank of Australia-owned bank had said in May that it was considering selling Aegis, a firm started by former sister company Sovereign in 1996 which administers about $15.2 billion of local and offshore investments on behalf of banks, brokers, trustee companies and fund managers. ASB's private banking executive general manager,...

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