(10 August 2007 – Australia) Westpac is set to list its wealth management arm BT Financial Group on the ASX as a separate company as a means of growing its funds management business.Westpac intends listing the new company on the ASX through a partial initial public offer (IPO), with the bank and BT retaining the majority stake in the new entity.
The IPO will take place towards the end of 2007 or early 2008 with a retail and institutional offer.
Westpac chief executive David Morgan said BT, which is the seventh largest fund manager in Australia, had become a growth engine for the bank over the past five years.
He said restructuring the business was an important step in maintaining the bank’s strong position in funds management and to ensure BT continued to provide strong returns across its funds.
BT Financial has A$40 billion funds under management.