Australia’s ANZ Private has hired Germany’s DWS Group to provide advisory services for the private bank’s 2.2 billion euro (US$2.44 billion) multi-asset model portfolio.
The asset manager has also joined ANZ Private’s investment council as part of the deal.
“It will assist the group’s investment council on global market perspectives and multi-asset tactical portfolio recommendations, in line with ANZ Private’s risk, tracking error and return objectives,” DWS says in a statement on December 11.
“Utilising their global reach and capability, DWS will provide ANZ Private and our clients with access to key investment insights and expert personnel,” Mike Norfolk, managing director of private banking and advice at the lender’s parent company ANZ Group, says in the statement.
Frankfurt-headquartered DWS had 752 billion euros of assets under management as of September 2019.
Melbourne-based ANZ Group had A$942.6 billion ($649.1 billion) of assets at the end of 2018.