BT ain't following its Australian brother
BT Fund Management’s New Zealand arm is not going to follow its Australian operation, and set up its own financial planning group.
Friday, July 15th 2005, 7:03AM
by Rob Hosking
Other changes, however, are under way, says BT New Zealand chief executive Mark Smith.
The Australian changes, being carried out with BT’s parent, Westpac, will establish a separate, non-aligned brand.
However Smith says it is “very unlikely” an equivalent group will be set up in New Zealand. “There’s a pool of about 500 financial advisers available in Australia.
Here it’s a very small group and the scale isn’t there to set up the equivalent.” However he says BT is changing its focus in other areas. “BT’s core strength is funds management.
We are concentrating on the wrap accounts and funds management space and moving away from retail funds.”
That will mean offering a smaller array of retail funds, on offer, he says.
“In a year’s time, our business is going to look very different from what it does now.”
Rob Hosking is a Wellington-based freelance writer specialising in political, economic and IT related issues.
| « $30 mill fleeced from Kiwis in share scams | Sovereign takes regulation bull by the horns » |
Special Offers
Commenting is closed
|
|
Printable version |
|
Email to a friend |
