Friday 10th May 2013
|Text too small?|
Westpac Banking Corp's New Zealand fund management arm contracted out the management of more than $650 million of its listed New Zealand stocks and property holdings to a new firm started by its employees.k) -
BT Funds Management (NZ), which has $4.6 billion of funds under management, will hand over its equity and property portfolios to Salt Funds Management, owned by its former equity and property managers Paul Harrison and Matthew Goodson.
BT has been divesting management of its funds to specialists around the world as part of a move to reduce risk, allow more diversification and produce a more consistent performance, said Matthew Goldsack, BT Funds Management (NZ)'s head of investment solutions.
The spin-off of funds management allows banks to focus on offering investments to a mass market through their customer base, while avoiding investment risk and ensuring their managers' interests are aligned with those of their funds.
BT's New Zealand's fixed interest and cash portfolios will continue to be done in house, Goldsack said.
No comments yet
NZ dollar sags after avalanche of data and central bank action
Fonterra board starts planning chair succession
Fulton Hogan keeps Australian civil construction unit
Time for congestion pricing has come - NZIER
Colliers defends KiwiBuild as 'far from a colossal failure'
Pushpay shares rise as cost-cutting upgrades earnings guidance
20th September 2019 Morning Report
NZ dollar weaker against British pound on EC president's Brexit optimism
Todd plans Kapuni drilling campaign
MARKET CLOSE: NZ shares gain; appetite for KFC helps Restaurant Brands hit record