ASB has sold its investment administration and custody businesses, Aegis Limited and Investment Custodial Services Limited (together "Aegis") to MMC.
The transaction announced today comes after a recent strategic review of Aegis, which as ASB's Executive General Manager, Private Banking, Wealth and Insurance Adam Boyd explains, provided an opportunity to gauge the best options for Aegis's continued success.
"Aegis is a good business which requires continued investment and strategic management focus to ensure its customers continue to receive excellent levels of service in the future. As part of this review, we came to understand that Aegis would be best placed to grow and serve the interests of its customers under a new owner with a specialised focus.
"Essential to the success of Aegis is its people, and that has been a key consideration with MMC committed to investing for long-term success, and committing to offer employment to all Aegis employees," says Boyd.
Aegis' employees and customers have been informed of the sale.
ASB will continue to use the Aegis platform.
Details of the sale are confidential.