BT (wealth management)
33°51′59″S 151°12′15″E / 33.866318°S 151.204190°E
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| Company type | Subsidiary of Westpac |
|---|---|
| Industry | Wealth management |
| Founded | 1969 |
| Headquarters | Sydney, Australia |
Area served | Australia, New Zealand |
| Products | Managed investments, insurance, superannuation, brokering. |
| Website | [1] |
Pendal Group Limited, formerly known as BT Investment Management is a financial services company based at Tower Two, International Towers Sydney in Sydney, Australia, with operations there and in New Zealand. Its product range includes managed investments, life insurance, superannuation and discount brokering products. BT also offers custody and settlement services to institutional customers and fund managers.
Pendal was the wealth management arm of Westpac, a banking and other financial services company operating since 1817. Westpac's stake continued to be divested and was rebranded as Pendal in May 2018.[1]
Pendal’s core business is providing investment, superannuation and retirement income products, financial advice and insurance options.
Pendal has been granted a MySuper authority, enabling it to continue to receive default superannuation contribution from 1 Jan 2014.
History
Pendal was formed as Banker's Trust (the Australian subsidiary of Bankers Trust Company of New York[2]) in 1969. It has previously been owned by Deutsche Bank and Principal Financial Group. Westpac acquired BT from Principal in October 2002.[3] BT financial main offices are located at Tower 2 Barangaroo, Sydney Australia.
BT's investment arm was floated as a separate company, BT Investment Management, in October 2007 and traded under ASX:BTT. Westpac continued to divest its stake in the company, which was eventually renamed to Pendal in May 2018, trading under ASX:PDL. [4] The name is a reflection name came from the reverse of Dal(gety) and Pen(sion)being BT's original nominee firm, which was established in 1971 to hold assets on behalf of its first potential client Dalgety.[5]
As at 30 June 2018, Pendal managed and administered over AUD 100 billion in funds.[6]
References
- ^ Pendal Group Website: https://www.pendalgroup.com/wp-content/uploads/2018/05/180504-BTIM-Pendal-ASX-Opening-Bell-event-Media-Release.pdf
- ^ Note that the Wikipedia entry for Banker's Trust confuses the two companies, as they were both owned by Deutsche Bank at different times
- ^ Westpac Website: https://www.westpac.com.au/about-westpac/westpac-group/company-overview/our-businesses/
- ^ Article: https://www.financialstandard.com.au/news/venerable-aussie-asset-manager-to-rebrand-114498135?ref=feed
- ^ Article: https://www.investordaily.com.au/markets/42773-btim-to-rebrand-to-pendal-group
- ^ Pendal Group Website: https://newswire.iguana2.com/af5f4d73c1a54a33/pdl.asx/2A1090998/PDL_Funds_Under_Management_Quarter_Ended_30_June_2018