Westpac Picks Up Funds Manager

August 19, 2002 (PLANSPONSOR.com) - Westpac Banking Corp. will acquire a 51% stake in Hastings Fund Management and the rest within three years, the two companies announced.

Hastings will operate as a division of the Australia-based Westpac Institutional Bank and Michael Fitzpatrick will continue as managing director of Hastings. Westpac will appoint a chairman for Hastings, according to the announcement.

A Dow Jones news report said the acquisition would give Westpac a platform for expansion in the specialized funds management sector.

Hastings manages has about A$2 billion of assets, which cover infrastructure, private equity, timberland and high yield debt.

It will complement Westpac’s other recent acquisition of Rothschild Australia Asset Management for A$323 million, the Dow Jones report said.