ANZ’s takeover of ING should give it more pulling power to attract talent from other bank-owned wealth management firms.

The firm is buying out ING’s 51 per cent shareholding in the ANZ-ING wealth management and life insurance joint ventures in Australia and New Zealand.

This deal, which boosts the bank’s presence in wealth management, should make ANZ more appealing to candidates who are rating it against Big Four competitors CBA (owner of Colonial First State), Westpac (BT Financial Group) and NAB (MLC).

“It will certainly be an extremely attractive employer. And this is just the first step - ANZ will be searching for people within the other large firms as it expands,” says Simone Mears, director at search firm Profusion Wealth Management.

ANZ’s expansion will make the talent war between the bank-owned firms even more intense. “There will be stiff competition because the others are looking to increase their recruitment too,” she adds.

In current market, most candidates value stability of company ownership, something which ANZ-ING can now provide, but of course so can CFS, Westpac and MLC.

The top fund management boutiques also remain competitive, especially for senior roles, so there are no obvious weak players in the hiring market from which ANZ-ING can easily poach.

And a strong name is not always enough to secure a strong candidate. “Job seekers will always factor in: 1) the organisation; 2) the actual role; and 3) the salary into any decision to accept a role. The Big Four will have to compete on this stage, just as a boutique and other established fund managers have to,” says Fiona Weeks, a partner at search firm Platinum Pacific Partners.

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