Australia's leading banks are falling over themselves in their rush
to expand their fund management businesses. ANZ is forming a joint
venture with ING's Australian fund management business and Westpac
is buying Rothschild Australia Asset Management.
Australian banks have been under pressure to grow their investment
businesses. "The reason is that in Australia we've got legislated
growth in superannuation which means it grows very quickly," says
Brian Johnson, banking analyst at JPMorgan. Banks not making moves
in wealth management...
