Morgan talks up BT to the world
Westpac chief executive David Morgan will deliver an upbeat assessment of BT Financial Group to an Australasian investment forum in New York this week.
Morgan will tell the JBWere-sponsored gathering of international investors that the integration of BT into Westpac’s operations would deliver $116 million of expense and revenue synergies during 2005, beating estimates of $65 million in synergies for this year made when the bank acquired the manager in August 2002.
Morgan will say that improved performance and researcher ratings for BT’s Australian equity funds is translating to improved inflows.
The bank is currently the third biggest wrap and master trust provider, with 10.5 per cent of the Australian market, but Morgan will point to Assirt figures showing it won 17.5 per cent of new business in the year to June 30 2004, the second-largest growth.
Corporate super and retail investment are also improving categories for BT — the manager has 8 per cent and 6.5 per cent of existing business in the respective markets, but has won 10 per cent and 13.8 per cent of the new business.
Its margin lending share is eroding, however, with a 13.5 per cent existing market share being undercut by the winning of just 4.8 per cent of new business.
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