ASB sells Aegis investment administrator to MMC

Thu, 10 Oct 2019

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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