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.