Big banks’ wealth retreat may be short-lived

Original article by Aleks Vickovich
The Australian Financial Review – Page: 22 : 16-Oct-20

IOOF CEO Renato Mota does not think Australia’s big banks will be involved in the wealth management sector over the next five years, although he expects them to return to the sector eventually. The major banks have either exited the sector or are in the process of doing so as a result of damning revelations at the Hayne royal commission. Netwealth’s joint MD Matt Heine notes that banks also got out of wealth management in the UK but re-entered the sector within 10 years, although "with very different propositions". Hub24 MD Andrew Alcock says the thought of the banks returning to wealth management does not perturb him.

CORPORATES
IOOF HOLDINGS LIMITED – ASX IFL, NETWEALTH GROUP LIMITED – ASX NWL, HUB24 LIMITED – ASX HUB, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB

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