Insignia Financial has completed the separation of its pension and investment business from ANZ.
This saw 1,257 employees transition from ANZ to Insignia, the separation of 638 commercial licence agreements and 589 applications that were separated or migrated from ANZ.
The firm said this would now enable it to further progress its activities on improving client outcomes and execute on strategic initiatives.
The simplification program also included the separation of the MLC Wealth business acquired from National Australia Bank which Insignia said was “on track”.
Chris Weldon, Insignia chief transformation officer, said: “Unravelling complexities to achieve a clean separation is no small feat. All of the systems and people supporting the P&I business and its clients have now transitioned to the Insignia Financial environment, reinforcing Insignia Financial’s ability to execute on strategic initiatives.
“We now have full control and management of the systems which support the P&I business. This enables us to unlock benefits of scale for our clients and people, aligned to our enterprise priority of simplification.”
