BTIM to rebrand to Pendal Group

InvestorDaily

BT Investment Management, which was floated out of Westpac in 2007, is seeking approval from shareholders to change its company name to Pendal Group Limited. Shareholders will vote at a BTIM general meeting on 27 April 2018 to end the company’s licensing agreement with Westpac to use the BT brand. Westpac sold down its stake in BTIM to 10 per cent in May last year, and the bank is planning to sell its remaining stake subject to favourable market conditions (but not before BTIM’s first half 2018 results).

In a letter to shareholders, BTIM chairman James Evan said “it is time for BTIM to establish its own name and brand” and “a name change is in the best interest of the business, and therefore shareholders”. “This will allow us to invest in an independent identity which we own, and to create a strategic brand advantage as we continue to execute our strategy of building and growing a diversified global investment management business”. “As the BT license is due for renewal later this year, the board believes that now is the right time to make this change,” Mr Evans said.

The rest of this article can be found at investordaily.com.au.