Westpac spins off management of $650 million of equities to firm owned by former staff

Fri, 10 May 2013

By Tina Morrison May 10 (BusinessDesk) -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. 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 arou...

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