Free to a good home: why ANZ funds set loose circa $3.5b

ANZ following Vanguard. (Image: Getty)

Wed, 08 May 2024

Fund managers don’t usually give away billions of dollars for nothing.But last week, ANZ revealed an executive decision that will return between $3 billion and $4b – let’s say $3.5b – of wholesale client money to sender, forthwith (or by the end of August at the latest).Sacking clients is rare among New Zealand managers, who compete in a small wholesale pool, even as a couple of recent international examples have washed over our shores.In April, for instance, the Australia-based global investment house First Sentier...

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