BT's new ceo named

Westpac have named a new chief executive to replace Craig Stobo at its wealth management business, BT Funds.

Tuesday, May 18th 2004, 1:35PM

The Head of Wrap at BT in Australia, Mark Smith, has been named as the new chief executive at BT Funds Management.

Smith, who takes up the position on June 9, has worked in funds management and the financial service industry for 14 years and has extensive experience across investment banking, funds management and the operational side of BT’s business.

Most recently as Head of BT’s Wrap business, Smith increased funds under administration from $1 billion to $12 billion in the space of four years.

Westpac chief executive Ann Sherry said Westpac had moved quickly to appoint a new chief executive because of the importance of the role and of the BT business and brand. “BT New Zealand is responsible for Westpac’s $1 billion in unit trusts and retirement plan portfolios, and is an integral part of our growth strategy for New Zealand.”

“We balanced this urgency against the need to find the right person, but the attractiveness of the role meant that we quickly received a large number of very high quality applications from New Zealand and offshore,” Sherry said.

“Mark’s appointment is the first step in a vigorous new drive by BT New Zealand for institutional and retail funds management business. To support him in that, I am also expecting to announce further key appointments in the New Zealand Equities team shortly”.

“Mark and his team have the complete backing of Westpac Group’s management, and will be able to further leverage the investment expertise resources within the Westpac Group and BT in Australia, of which Mark has extensive personal experience, for the benefit of new and existing clients,” Sherry said.

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