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Administration July 8, 2003
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.
Reported by Fred Schneyer
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.
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