ANZ has outsourced its Oasis wrap platform to Macquarie Investment Management Limited, with the transition to be completed over the next 18 months.
In a statement, the bank said Macquarie will develop a new wrap platform for ANZ's advice partners as well as provide administration services.
Oasis currently has $6.9 billion in funds under management and serves more than 50,000 customers.
As the transition takes place, staff members at Oasis will be progressively reduced. The majority of services provided by the 146 roles currently supporting the Oasis business will be provided by Macquarie at the end of the transfer.
An ANZ spokesperson told ifa he expects a "significant number of employees will be impacted", although he could not confirm a timeline.
ANZ managing director of pensions and investments Peter Mullin said: "Detailed plans are being developed to support staff during the transition, which ensures they have time, support and notice to consider other options."
"Their entitlements are protected and a full range of career support services will be provided.
"The decision to partner with Macquarie was made following an extensive business and market review and is the right decision for our customers. We are now focused on making sure the transition to the new business is done in a respectful and well-organised manner," Mr Mullin said.
A previous version of this story had described the deal between ANZ and Macquarie as a sale. This has since been changed to 'outsourced'. The story has been updated to reflect this change.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 24 May 2018ANZ dealer group boss jumps ship to Aus UnityBy Reporter
- 24 May 2018Elder abuse may stem from additional SMSF membersBy Miranda Brownlee
- 23 May 2018Trail commissions ban would create ‘bigger conflict’, says licenseeBy Killian Plastow
- 23 May 2018‘Shut it down’: CPA members rail against troubled advice armBy Aleks Vickovich and Jotham Lian
- 23 May 2018Labor heavyweight concedes industry fund hypocrisyBy Aleks Vickovich and Jessica Yun
- 22 May 2018Netwealth reflects on Banqer progressBy Reporter
- view all