Westpac outsources to employees
Westpac’s New Zealand fund management arm has contracted out the management of more than $650 million in listed New Zealand stocks and property holdings to a new company started by employees.
Friday, May 10th 2013, 8:00AM
BT Funds Management has $4.6 billion of funds under management. It manages Westpac’s KiwiSaver scheme.
It will hand over its equity and property portfolios to Salt Funds Management, established by former BTNZ Equities and Property Portfolio Managers, Paul Harrison and Matthew Goodson.
BT has been outsourcing management of its funds to other managers around the world, to reduce risk and deliver diversified portfolios for customers, while ensuring managers’ interests are aligned with those of their funds.
“The appointment of Salt offers continuity of underlying management whilst ensuring customers have the benefit of ongoing access to the proven investment capabilities of the individuals at Salt,” Matthew Goldsack, BTNZ’s head of investment solutions, said.
The management of BT’s core New Zealand fixed interest and cash portfolios will continue to be managed in-house with specialist investment management firms utilised for certain domestic income orientated funds.
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