Peter Dine, long-serving head of the ASB-owned investment platform, Aegis, has been replaced following a review.
In a note sent to Aegis clients yesterday, Nick Stanhope, ASB head of wealth, said Angela Busby, head of ASB Securities, would take over from Dine while retaining her current responsibilities.
“ASB Securities and Aegis will remain separate businesses, but combining their management creates both economies of scale and seizes on opportunities to bring more resources into both businesses,” Stanhope said in the note.
Dine has headed Aegis for 12 years. The ASB-owned Aegis now boasts $12 billion in funds under administration (FUA) making it the largest NZ-only investment platform.
Last February the bank, a Commonwealth Bank of Australia (CBA) subsidiary, reported FUA of $10 billion and a profit of almost $8.3 million on revenue of $17 million over the 12 months ending June 30, 2014.
Aegis is yet to publish its 2015 accounts.
Stanhope told clients ASB “had been cognisant of the need to position Aegis well for further growth”, prompting its review of Aegis.
“Thanks to those of you who gave us valuable feedback recently on the improvements you would like to see made to the platform,” he said. “… we have undertaken an extensive review of the Aegis business. This review highlighted its strong potential and the opportunities we have to leverage ASB’s capabilities for further growth.”
Stanhope thanked Dine for “his exceptional contribution to the business, and wish him all the best in his future endeavours”.