(9 March 2005 – Australia) Westpac has forecast more than 20 percent growth for its Hastings Funds Management business over the next two years.Westpac bought a 51 percent stake in Hastings in 2002 and will take 100 percent control of the company in July this year.
The bank, which said it will use its own balance sheet to grow the business, has doubled Hastings’ funds under management from A$1.8 billion in 2002 to A$4.5 billion.
The specialised capital business is also looking to grow its offshore exposure to a third of its overall funds under management, significantly up from the A$500 million of the A$3.6 billion under management which is currently invested offshore.