Asb Group Forms $11.2 Billion Investment Funds Op

Wednesday, 9 April 2003, 5:33 pm
Press Release: ASB Bank

Asb Group Forms $11.2 Billion Investment Funds Operation

Statement made by Hugh Burrett, Managing Director, ASB Group

ASB Group has formed one of the country’s largest investment operations with retail funds under management of $4.3 billion and under administration of $6.9 billion, and appointed Mr Ross McEwan to head the operation.

The entities that are contributing investment funds to the new division are Sovereign, ASB Bank, AEGIS and Jacques Martin.

Ross McEwan, as Head Of Investments, will report to the Managing Director of ASB Group, Mr Hugh Burrett.

The rationale behind the new investment division is to provide a single entity to maintain business growth by consolidating the Group’s expertise within our various separate organisations to our customers’ advantage. This will include generating the best returns possible, managing risk profiles and sharing our research and development initiatives across the total product and service range.

We will continue to market and distribute retail funds under the Sovereign and ASB Bank brands, and each will have its own strong, distinctive products and services..

Information in relation to the funds of each of our operations will continue to remain confidential to them.

What is being combined is the back room functions that can be centralized, with a focus being placed on growth.

Ross McEwan has an impressive track record as a financial services manager, and his appointment will add leadership and strategic direction for what has become a significant area of business for the ASB Group.

Mr McEwan will be located at Sovereign’s North Shore City headquarters.

Mr Simon Swanson, Managing Director of Sovereign, will remain ASB Group’s representative on ISI ( the Investment Saving and Insurance Association ), an organisation he chairs.

Short biographical notes on Ross McEwan

Mr McEwan joins ASB Group from First NZ Capital Securities, where he was Managing Director.

Prior to this he was the Chief Executive of AXA New Zealand ( formerly National Mutual ) for more than five years, and with the organization for 16 years.

He is a Fellow of the NZ Institute of Management and Honorary Life Member of the Investment Savings and Insurance Association ( ISI ).

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