Retained Panorama delivers for Westpac
Westpac’s decision to retain ownership of BT Panorama appears to be slowly paying dividend with the bank’s first half results revealing improved fortunes for the platform in terms of funds under management (FUM) and fund flows.
However, the real boost for Panorama came from managed accounts which were up 21% in the half to $18.68 billion.
The results represent good news for Westpac which announced in June, last year, that it would be retaining ownership of the platform after it had been on the sales block in one form or another for four years.
The bank’s interim results presentation said that Panorama net flows excluding pension outflows amounted to $2.1 billion in the half with market and other movements contributing $10.3 billion in funds under administration for the period.
The update also revealed a modest improvement in the number of advisers using the platform albeit that the 6,012 number remains below levels two years’ ago.
On the managed account front, funds under administration grew significantly from $10.85 billion in March 2022 to $18,72 billion.
If CSLR is the ‘last resort’ please tell us ASIC what measures have been taken before you hit innocent advisers…
ASIC, So who do you think are going to pay your $200m in fines when this lot can’t even pay…
When, oh when, are you going to do an analysis of "wholesale only" advisers who are NOT on the FAR…
I’ve just paid the $1,295 CSLR levy, and honestly, I’m frustrated that my hard-earned money is being used to cover…
Just remind us again how much money a super trustee spent on their 40th birthday party using member funds? What…