Westpac made the announcement yesterday, saying that it would retain a majority stake in the business, but offer the rest to shareholders and senior staff in an IPO slated for later this year. The listed company would have A$40 billion in institutional assets under management, making it the seventh largest fund manager in the country.
The size of the stake that Westpac will retain is still under consideration. The IPO will have two components û a retail offer to existing...
¬ Haymarket Media Limited. All rights reserved.
