BT to focus on retail market

BTNZ's chief operating officer, Fiona Oliver, said the refocusing of the New Zealand funds management business was the outcome of an extensive review.

"The review was tasked with identifying future growth opportunities and it recognised in particular the opportunities arising directly and indirectly from KiwiSaver and PIE initiatives.

"BTNZ is well placed to capture this growth as the wealth management arm of Westpac New Zealand. Westpac has experienced tremendous success in attracting KiwiSaver signups and distributing retail product via its platform offering and extensive branch network."

To embed this success and capture the potential growth, the business would strengthen its investment management capability by adding more people to the team, including a chief investment officer, Oliver said.

"The BT brand remains a strong and integral part of Westpac and will continue to offer valuable investment support to the bank's wealth network. BTNZ, in conjunction with BTIM, will offer a comprehensive range of investment solutions to all customer segments."