A key architect of the compulsory retirement savings system lauds its many achievements, stretching from the national economy to the individual. Where it’s double faulting is in serving members – and it needs to be addressed promptly.
With performance and diversification driving demand, these funds are expected to experience four-fold global growth over the next decade to nearly $AU65 trillion.
Lockyer exits ANZ wealth business after insurance sale
ANZ head of wealth products, Ana-Marie Lockyer, is to leave the bank’s New Zealand business by Christmas. It is understood, Lockyer, whose product duties include the country’s largest pool of KiwiSaver funds, is departing following a group restructure triggered by the sale of ANZ’s life insurance business.
This May, US insurance giant Cigna purchased the ANZ-owned OnePath NZ life business for about $700 million with the transition just completed. Lockyer, whose ambit also covered the bank’s insurance products, was part of the team designated to “evaluate, present, and execute” the OnePath deal, her LinkedIn profile says.
She was “owner of [the] strategic alliance stream to ensure seamless transition from manufacture to strategic partnership”.
Lockyer’s ANZ-linked career dates back to 2009 when she was head of strategy for then JV partner, ING. She then filled several senior wealth strategy roles at ANZ after the bank fully-digested the ING business in 2011.
Prior to joining ING, Lockyer served more than seven years in the UK in various top-level product and strategy roles for Henderson Global Investors.
As well as Lockyer, it is understood several other ANZ product staff have departed, some following across to successor life business, Cigna. The deal included a 20-year distribution partnership with the bank, ANZ NZ chief, David Hisco said in May.
“Under this agreement, ANZ will continue to provide life insurance to our customers but these insurance policies will now be manufactured and managed by a world-class insurance provider in Cigna,” Hisco said.
“This is consistent with how we provide motor vehicle, home, commercial and travel insurance using a range of specialist insurance partners.”
ANZ was unable to comment prior to publication.
Meanwhile, ANZ was also set to lose a senior macro strategist in the economics team with Philip Borkin understood to be replacing Bernard Doyle at the National Australia Bank-owned JBWere.
Borkin joined ANZ as a senior economist in 2015 following a five-year stint with Goldman Sachs in Auckland and Sydney. Last month Doyle resigned as JBWere investment strategist after more than 20 years in the role. He is expected to surface in rival broking house, Forsyth Barr, next year.
– Investment News NZ
