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Smith says wealth management needs to fire

ANZ chief executive Mike Smith said the bank was making good progress with the integration of the old ING Australia business into its wealth management division, but he was looking for it to start firing. ANZ bought its joint-venture partner, ING Group of the Netherlands, out of ING Australia at the end of 2009 and changed the name of the business to OnePath last year. OnePath is part of the bank's wealth management division, which also includes ANZ Private Banking, the online broker E*Trade, ANZ Trustees and the investment platform services OneAnswer and Oasis. The wealth management division reported a net profit of $186 million for the March half - 18 per cent down on the September half and one per cent up on the previous corresponding period. Investors' reluctance to dip into their cash stockpiles and get back into the market held back the funds' management side of the business.

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