Westpac’s BTIM float closes early
Westpac’s float of its BT Investment Management (BTIM) business is emerging as the big initial public offering of the year, with the bank announcing that it had closed the offering early due to strong interest from investors.
BTIM chairman Brian Scullin said the offer had received strong support from Westpac shareholders, who were interested in gaining exposure to Australia’s fast growing funds management industry via investment in a quality business with an experienced and focused investment team.
Scullin said the early close of the offer would not impact the timing of the bookbuild under the institutional offer.
The date for the bookbuild under the institutional offer is next Thursday, with the company expected to announce a final price by Friday next week.
The company said BTIM shares were expected to start trading on the Australian Stock Exchange on a conditional and deferred settlement basis on Monday, December 10.
Recommended for you
Advisers at DOD Bookkeeping, which received an $11 million penalty last week, received as much as 40 per cent of their remuneration via a bonus when clients purchased a property via a SMSF, according to court documents.
Private wealth manager Escala Partners has launched an end-to-end investment platform to strengthen its alternatives capability as clients seek sophisticated vehicles.
Perpetual Wealth Management has hired two advisers from Ord Minnett as part of five hires, just weeks after the rival firm announced it had picked up six from Perpetual Private.
ASIC has cancelled the AFSL of a Perth financial services firm following payments to its clients by the Compensation Scheme of Last Resort after a failed managed investment scheme.