A$16 million a day outflow from Westpac funds
(Australia) - The newly merged wealth management operations of Westpac showed outflows equivalent to A$16 million a day in the final quarter of 2002, according to a report from funds management research group Assirt.
Assirt figures for the September quarter show that Westpac's wealth management operations of BT, Sagitta and Westpac's own brand now manages A$25 billion, and recorded outflows of A$1.5 billion for the quarter.
A$1.3 billion of this flowed out from the BT business Westpac bought for A$900 million last year. Sagitta, the renamed Rothschild operation, saw outflows of A$170 million.
A Westpac spokesman said the Assirt figures did not take into account strong inflows into the wrap-badged business and Westpac's cash management accounts.
Westpac chief David Morgan has said he expects outflows from BT to continue until the end of the year.
A$1.3 billion of this flowed out from the BT business Westpac bought for A$900 million last year. Sagitta, the renamed Rothschild operation, saw outflows of A$170 million.
A Westpac spokesman said the Assirt figures did not take into account strong inflows into the wrap-badged business and Westpac's cash management accounts.
Westpac chief David Morgan has said he expects outflows from BT to continue until the end of the year.
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