SYDNEY: Westpac Banking Corp has started inviting bids for its wealth management unit BT Panorama, according to people familiar with the matter, kicking off a sale of the country’s largest investment platform that has been a year and a half in the making.
BT has seen strong growth in its managed account solutions, particularly in the sustainability space, as it sets the goal to be the leader in the platform market.
The big four bank expects its remediation program related to financial advice is “largely finalised” although it has provision to pay out a further $1.14b in total remediation.
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DNR Capital Australian Equities Income fund has been added to BT Panorama’s superannuation and investment menus.
The fund, which was launched in March last year and had returned 33.06%, sought to invest in a selection of securities with sustainable dividend capability, strong profit-to-cash conversion and relatively assured earnings growth.
The fund has also a concentrated portfolio of up to 30 stocks, with a focus on quality companies that produce above-average income and associated franking credits.
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