In an ASX update of its business and wealth division, the firm shared its strategic priorities for the BT platform going forward which include migrating customers from Asgard to the BT Panorama platform as well as strengthening the BT platform core proposition.
The migration is expected to be completed in FY26 and is expected to cost $70 million with expected additional benefits from a simplified operating and service model for employees, enhanced risk management, and a simplified technology roadmap.
It also wants to launch a refreshed BT Panorama menu with a low-cost option which is understood to known as ‘Focus’ and will supports a specific group of managed funds and SMAs.
A final priority is the expansion of the BT investment offering via strategic alliances.
In June, BT announced it had appointed Wellington Investment Management to launch a Global Opportunistic Value Fund for Australian financial advisers, in response to adviser feedback that they were seeking a value-style fund to benefit from value headwinds via active stock selection.
It also worked with Drummond Investment Partners last year to launch a separately managed account (SMA) focused on private markets on Panorama, which gives high-net-worth investors access to private equity, private debt, and real assets.
Finally, it worked with alternative market data provider Preqin – which has subsequently been acquired by BlackRock – to offer comprehensive resources and up-to-date research on private markets to enhance advisers’ understanding of the sector.
Funds under advice on Panorama stand at $127 billion, having passed $120 billion in May, while those on Asgard are $21 billion to bring total FUA to $147 billion. Platform net flows rose from $0.8 billion to $3.7 billion, excluding benefits from pension accounts.
It currently has 297,000 customers on the BT platform, with a market share of 15 per cent and 39,000 customers on BT Investments.
Westpac fully acquired BT Financial Group in 2002 and in mid-2023, Westpac confirmed it had concluded the sale of the BT platform business but decided to retain the business.
