BT on the hunt for CIO
Chief investment officer Paul Richardson left BT Funds last month. We are told he had been on a sabatical since April so his departure didn't make a big impact on the business.
In its pre-Westpac days BT was a big player in the independent financial adviser space. Now much of its investment management work is with the bank's KiwiSaver products. Although Westpac is not a default provider it has been growing its funds under management strongly.
BT also lost its head of fixed income Andrew Blackler. We are told his departure is unrelated to Richardson leaving the investment management shop.
We asked Westpac about the changes yesterday and hopefully will be able to update you with more details soon.
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