BT takes over Westpac money

Westpac has appointed BT Funds Management as the manager of its over $1 billion in unit trusts and retirement plan portfolios.

The move brings BT’s total funds under management to over $3.5 billion, making the group becoming one of the largest fund managers in New Zealand.

Westpac’s chief executive officer, Ann Sherry, said the appointment confirmed the importance of BT’s role within the Westpac group, and strengthened Westpac’s ability to provide its customers and managed fund investors with market-leading investment products and services.

The Westpac Group acquired the BT Financial Group’s operations in New Zealand and Australia in November 2002.

Under the terms of the appointment, BT will assume day-to-day management responsibility for Westpac NZ’s managed funds, during January and February 2004. Investors will shortly receive a letter informing them of the change, and introducing BT.

BT chief executive Craig Stobo, said that the company would develop new products and services for Westpac customers.