They have been bought by MMC.

It comes after a recent strategic review of Aegis.

ASB’s executive general manager, private banking, wealth and insurance Adam Boyd said that provided an opportunity to gauge the best options for Aegis’ continued success.

“Aegis is a good business which requires continued investment and strategic management focus to ensure its customers continue to receive excellent levels of service in the future. As part of this review, we came to understand that Aegis would be best placed to grow and serve the interests of its customers under a new owner with a specialised focus.

“Essential to the success of Aegis is its people, and that has been a key consideration with MMC committed to investing for long-term success, and committing to offer employment to all Aegis employees,” he said.

Aegis’ employees and customers have been informed of the sale.

ASB will continue to use the Aegis platform.

Details of the sale are confidential and ASB said it would not comment further.

MMC is a specialist New Zealand outsourced fund and investment administration business, based in Auckland. The company’s focus has been on creating strategic partnerships through identifying client challenges, defining their needs and offering flexible and relevant solutions. The company is 49.53% owned by Pencarrow.