Despite announcing a restructure of its wealth business earlier in the year, ANZ has said it will conduct a further review of the business.ANZ chief executive Shayne Elliott said the division produced a return above its cost of capital but faced a number of challengesIn March the bank announced that it would disband its global wealth division and align the distribution of wealth products with its retail and commercial banking businesses.The Australian private bank became the responsibility of the group executive Australia, Fred Ohlsson, and ANZ-branded wealth distribution, including financial planning, moved into retail distribution.In New Zealand, wealth became part of an expanded retail, business banking and wealth division. In Asia, wealth was folded into the Asian retail business. The remaining insurance, superannuation and investment activities in Australia became a business called Australia Wealth. There has been much speculation that this business will be put on the market.The wealth division made a cash profit of $216 million for the six months to March - down one per cent on the previous corresponding period.In-force premiums fell four per cent and funds under management fell three per cent.The banks said its funds management business was challenged by margin compression, lower net inflows and increased market volatility. It said there was a shift in investor preference towards low margin index funds and exchange traded funds.