Troup is leaving the business after tidyng up the CDO fund mess and managing ANZ's transition to full ownership of OnePath (formerly ING New Zealand).

The new wealth business will be headed by the current private banking and wealth managing director John Body.

The new wealth business, ANZ Wealth, aims to create a simpler, integrated business structure bringing together all of ANZ's wealth business brands including OnePath, Wealth Direct and the investment and insurance specialists in the ANZ and National Bank brands.

"It's now the right time to develop a more integrated approach for our wealth businesses and brands," ANZ New Zealand CEO David Hisco said.

"The new wealth business will help deliver complete investment and insurance solutions for our customers in New Zealand and support our growth aspirations in the segment through the continued commitment we have to both the bank and independent advisors."

In a letter to advisers Hisco says: "Although our organisational structure has changed, the things you value about your relationship with OnePath haven’t."

"This includes our continued commitment to independent advisors and the valued contribution you make to our business.

"We strongly advocate the importance of quality financial advice and John (Body) will ensure OnePath remains your reliable and trusted partner."

Body says there is a trend worldwide for banks to increase their operations in the wealth management space and this move is another example of that happening.

He says ANZ has been offering wealth management services. Its private bank deals with clients with more than $1 million; its investment specialists look after people with between $250,000 and $1 milliion while Wealth Direct is for people with less than quarter of a million dollars. The fourth part of the business, for lower value clients, is KiwiSaver.

Body says while the bank is bringing parts of its business together it is not competing with IFAs.

"We are not building a wealth division to compete with IFAs," he says.

For him it is business as usual for Onepath and its relationship with IFAs.