BT Financial Group has brought its external financial planning arm, Magnitude, together with its internal Westpac planners under the one general manager.
Mark Spiers, who launched Magnitude for BT in 2006, has become general manager, advice, for Westpac and BT Financial. Combined funds under advice total about $20 billion. Magnitude has 15 practices and 30 advisers under its umbrella. Spiers, who is currently deputy chair of the Financial Planning Association, will report to BT Financial chief executive, Rob Coombe. He previously reported to the general manager, advice. Last year, Westpac split its funds management manufacturing business, BT Funds Management, into a separate listed company, of which it owns about 60 per cent. However, it retained the distribution side, including BT Wrap, Magnitude and BT Life. The change followed the move by Sally Herman, former Westpac head of advice, to general manager, sustainability, brands and communications for Westpac. Sean Allen, who had been acting in the role, returns to head of consumer advice for NSW and ACT.
Future Fund chief investment officer Ben Samild said that FY24 has been a great year for alpha creation, thanks to strong returns in equities and, unusually, across multiple hedge fund strategies all at the same time. He reflected the past few years have been “a difficult time to be an asset owner and to generate positive returns for risk assets” but the Future Fund is tracking well of its long-term mandate.
Simon Hoyle and Darcy SongSeptember 4, 2024
