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  1. #1
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    Default ANZ Securities sold to FNZC

    Anyone was expecting this?

    ANZ Bank New Zealand Limited (ANZ) has today announced it will enter into a strategic alliance with share broking, wealth management and investment banking company First NZ Capital Securities Limited (FNZC).

    As part of the alliance ANZ has agreed to sell the ANZ Securities service - which includes the platform that allows you to trade equities and bonds - to FNZC.

    The sale will mean some changes for you, but both ANZ and FNZC are committed to ensuring that there is as little disruption as possible for you.

    As the sale progresses, we'll keep you updated as to what is happening so you are fully informed and can make a smooth transition to the new platform.

    You can continue to trade equities and bonds online as normal

    You can continue to use the ANZ Securities service just as you do now until the completion of the sale. We anticipate that the sale will complete in the second half of 2018, which is subject to closing steps and conditions.

    After the sale is completed, FNZC will operate the online equity and bond trading service, including any associated multi-currency bank account. The FNZC service will be called Direct Broking and will have new branding, but will offer similar features to the ANZ Securities service.

    The sale of the ANZ Securities service will have no impact on any other banking services provided to you by ANZ, including KiwiSaver and managed investment funds. ANZ will continue to provide you with access to new fixed income investment opportunities.

    You don't need to do anything now

    We'll keep you updated over the next few months, including letting you know the date the sale will take place. In the meantime, you can continue using ANZ Securities just as you do now.

    Why are we selling the ANZ Securities service?

    The sale is part of a strategic alliance between ANZ and FNZC. This alliance allows ANZ to continue to simplify its business, while ensuring our customers can continue to access a high-quality equity and bond trading service.

    Who is FNZC?

    FNZC is a leading full service, wholly locally owned, share broking, wealth management and investment banking* firm. FNZC has been awarded INFINZ Sharebroker of the Year for 8 of the last 10 years, including 2017.

    FNZC has been active under various names for more than 50 years and has a formal strategic alliance with Credit Suisse, a global financial institution, a relationship that has existed for more than 20 years. You can find out more about FNZC at www.fnzc.co.nz .

    *FNZC is not a New Zealand registered bank

    For more information

    If you have any questions or would like more information, please feel free to contact us on 0800 805 777 or visit www.anzsecurities.co.nz.


    Yours sincerely


    Tim Olphert
    Managing Principal
    ANZ New Zealand Securities Limited


    James Lee
    Chief Executive Officer
    First NZ Capital Securities Limited

    www.anzsecurities.co.nz

  2. #2
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    Default

    That probably means I will streamline my broking needs and switch over to ASB Securities so I have a one-stop-shop for all my finances.

  3. #3
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    Shouldn't see much change from an operational viewpoint, they will have to remain competitive on brokerage, or they will lose customers to ASB(At the moment ASB are 50% dearer on a significant trade, 0.3% versus 0.2% with ANZ)
    Last edited by couta1; 20-11-2017 at 01:53 PM.

  4. #4
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    Hmmmm... -going back to the "original" name - Direct Broking , which is what it was called when I joined them. I use them and ASB to keep some things separate.

  5. #5
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    I see ASB charge $2 for a paper contract note currently, that's daylight robbery, I get all my contract notes in paper form from ANZ at no cost.

  6. #6
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    I just have to ask why you get a paper copy

  7. #7
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    Quote Originally Posted by Jay View Post
    I just have to ask why you get a paper copy
    I'm old school, I like physical hard copies, I've run my small business accounts without a computer for 27yrs(Just an income plus expenditure book) I do all my tax returns online however nowdays.

  8. #8
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    I didn't even get an email regarding this, reading it for the first time here

  9. #9
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    Quote Originally Posted by hummerh40 View Post
    I didn't even get an email regarding this, reading it for the first time here
    I've only had an email in the last hour.

  10. #10
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    Quote Originally Posted by couta1 View Post
    I'm old school, I like physical hard copies, I've run my small business accounts without a computer for 27yrs(Just an income plus expenditure book) I do all my tax returns online however nowdays.
    Print out the email, there's your hard copy, that's what I do, still costs a lot less than $2 a copy

  11. #11
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    I was surprised by this.

    I thought their brokerage service was a huge money maker for them but obviously it's not. I mean, could you imagine ANZ selling off their residential mortgage businesses or something, lol, there would be a huge outcry and it would be front page news.

    To be honest I've never used the ANZ platform but I've used ASB securities for over 10 years. It's day light robbery when you think about it. It's basically a duopoly and they are clipping the ticket and making easy rips of mum and pa retail investors. Who wouldn't want to own a business like that.

    However, when you draw all the lines it begins to make sense. With the Xero delisting, NZ Next flop, lack of IPOs, rise of bitcoin, property more popular than shares, and the new ASB $15 trade fee it kinda makes sense. It must suck having to hire loads of people to answer phones and emails. With the limited growth and the rise of Kiwi Saver/managed funds and ETFs the golden years of brokerage is numbered. Also forgot to mention the rise of flash/bot trading.

    The ASB platform has never been updated ever. Not for atleast 10 years anyway. It's crap but there's no where else to go. Now it all makes sense. Why invest in a better platform when you can just split the profits and run it as a duopoly.

    It looks like ANZ have had enough and it's not worth the hassle in the long term.

    I'm thinking about quiting the market also. Just gonna buy a few large blue chip USA stocks and put them in the bottom draw and then go fishing all day.
    Last edited by Ogg; 21-11-2017 at 12:07 AM.

  12. #12
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    Quote Originally Posted by Jay View Post
    Print out the email, there's your hard copy, that's what I do, still costs a lot less than $2 a copy
    It's costs me nothing at ANZ, I don't use ASB and this is another reason why not, besides their brokerage being 50% dearer.

  13. #13
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    As someone commented on the proposed sale on the NBR site, in this digital age, why are there only really 2 players for doing it yourself and why can't we also buy and sell other exchanges (apart from ASX) online as well, as overseas brokers are now refusing to take on new overseas clients due to AML etc.

    Not sure why ASB does "copy" across the CBA platform, not exactly state of the art, but better then the current from what I have seen as Ogg point out not a lot of development/enhancements done in the last 10 years. I did ask at one stage when I had another query sometime this year and said that a refresh/upgrade was on the way sometime soon, may have been Jan/Feb 2018. Don't quote me though!

  14. #14
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    I just had a conversation with Halifax and they are looking to offer a platform for trading of shares on the NZX, they have had a lot of enquiry regarding this, would be great to get a third no frills player in the mix. Quite a few hoops to jump through though to get something up and running.

  15. #15
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    Had to smile. My first on line trading account was with Direct Broking and I have stayed ever since. I've just opened a new account pretty much only because their fees are lower than ASB. And I guess I am used to navigating their site. ANZ Sec is functional but has limitations. For example updating the different areas is flakey. My portfolio balance lags, my watchlist lags - pretty much the only way I can get close to real time is going Depth. The link between ANZ Bank and ANZ securities is pretty renous. For example i transferred money out of my ANZ account this morning - no sign of it in my OMC account yet. And the clearance times of trades takes ages (days) for the money to flow. I get the impression there are a load of people behind desks shuffling paper for every transaction.

    I see nothing in the statement that hints at any improvement in customer experience. The big question for me is the structure of the trust account which will hold my trading funds

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