John Shuttleworth, general manager of business transformation at BT Financial Group, says he will invest $150 million over the next three years to build “the next generation platform” for the company.

BT is seeking to build a new platform to help advisers manage the administration of customer money more effectively, says Shuttleworth. BT Wrap has $40 billion in assets under administration while Asgard, another BT product, has $30 billion.

BT is the wealth management unit of Westpac and has about 1 million customers.

“I have a transformation agenda,” says Shuttleworth, 49. “The bank recognises the growth opportunity that wealth represents.”

He says he will build a team of about 200 people.

Net fund inflows are the lowest in 10 years, says Shuttleworth. In the past 12 months, $10 billion has been invested into master funds compared with $50 billion in 2007.


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