Westpac to list funds business

The Australian bank will spin-off its BT Investment Management arm in an attempt to lure and retain staff by offering them stock.

In a radical human resources exercise, Westpac is to list its BT Investment Management arm on the Australian stock exchange in an initial public offering that will value the company at an estimated A$1 billion.

Westpac made the announcement yesterday, saying that it would retain a majority stake in the business, but offer the rest to shareholders and senior staff in an IPO slated for later this year. The listed company would have A$40 billion in institutional assets under management,...

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