Amid wider job cuts at ANZ Bank, its private banking arm is expanding its family office unit, bringing on board a director and an investment advisor.
ANZ Private Bank has appointed Hayden Matthews as director and Benjamin Pedley as senior investment advisor at its family office unit, according to a report by «Citywire Asia.»
Matthews, based in Sydney, will be responsible for growing the business, focusing on Australia and New Zealand. He joins from HSBC Australia, where he was head of private banking. He was previously the firm's Singapore head of private banking, and later added the role of business head for international and Australasia.
Pedley joins from Hokkaido Asset Management, where he was chief investment officer since 2017. He previously led the investment team at UCA Funds Management and was HSBC Private Banking’s head of investment strategy for Asia, among other roles.
According to «Citywire Asia,» the unit currently has a headcount of about 20, and covers most of Australia's 200 wealthiest families.
Business Revamp
Earlier this month, the «Sydney Morning Herald» reported that ANZ was axing some 230 jobs from its private banking and advice business as part of a plan to streamline its wealth business, citing an internal memo.
«We are now making some changes to simplify our retail distribution and financial planning capabilities so we can provide more focused and meaningful advice for our most financially complex customers,» a spokesperson was quoted as saying.
In May 2019, chief executive Shayne Elliott said he would cut operating costs by A$1 billion ($610 million) amid a squeeze on margins and lackluster credit growth.
