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.
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