Brian Scullin has been named the new independent chairman and non-executive director of Westpac bank spin off BT Investment Management.
Scullin, a former chairman of Deutsche Asset Management (DAM) and panel member for the Financial Industry Complaints Service, will lead a five person board through the group's proposed initial public offering (IPO) later this year.
BT Financial Group chief executive Rob Coombe is a Westpac non-executive director nominee, while BT Investment Management chief executive and chief investment officer Dirk Morris is also nominated.
The other non-executive directors are independent Gavin Walker, with another Westpac nominee, Carolyn Hewson, rounding out the five-person board.
Westpac shareholders in Australia and New Zealand who held Westpac ordinary shares at the close of business on October 12 will this week be invited to pre-register to receive a prospectus for the proposed IPO.
The IPO is tabled for the end of 2007.
Last quarter BT Westpac reported net fund flows in retail funds under administration of $3.9 billion, representing 19.3 per cent of total industry flows.
Of that, $2.1 billion, or 53.5 per cent, came from the firm's superannuation master fund products and $1.4 billion, or 36.8 per cent, came from investment wraps.
Fund managers and annual performance reports brim with confidence, no matter how much money has been made or lost, but where does this leave the humble investor?... read more »
Home delivered!
Daily news, weekday mornings
Get the day's news delivered direct to your inbox. Register here (it's free!) and choose 'yes' to receive the InvestorDaily newsletter.
Advance appoints two, hikes fees »
St George Bank's funds management arm, Advance Asset Management, has appointed global property trusts CB Richard Ellis and European Investors to its manager line-up and terminated one of its two domestic managers.
Nestle, CSR, Rinker hire Russell »
Three of Australia's biggest companies have hired Russell Investment Group to run their superannuation accounts.
