ANZ has entered a deal for fellow Australian bank Macquarie to develop a new wrap programme for advisors.

Australia and New Zealand Banking Group has entered an agreement for Macquarie Investment Management to develop a new wrap platform for ANZ’s advice partners, becoming available from May. The move means the 146 people working at the existing Oasis subsidiary of ANZ will lose their jobs.

Macquarie will also provide administration services that are currently delivered through Oasis and this means that as services are transferred to Macquarie, staff numbers in the Oasis business will be cut over the next 18 months, ANZ said in a statement. 

“Detailed plans are being developed to support staff during the transition, which ensures they have time, support and notice to consider other options. Their entitlements are protected and a full range of career support services will be provided,” said ANZ's managing director for pensions and investments, Peter Mullin. 

“The decision to partner with Macquarie was made following an extensive business and market review and is the right decision for our customers. We are now focused on making sure the transition to the new business is done in a respectful and well-organised manner,” he added.

Oasis has A$6.9 billion ($4.9 billion) in funds under management and serves more than 50,000 customers. Transition of the Oasis wrap platform to Macquarie’s technology and administration services is expected to take up to 18 months.