Westpac has shelved plans to sell its investment administration services, BT Panorama and Asgard. 

The bank said yesterday that, after concluding a competitive sales process, it had decided to retain and continue to invest in the businesses.

Panorama and Asgard have A$131 billion in funds under administration and service more than 350,000 investors. More than 7800 advisers use the platforms.

Westpac said its investment in the business would include “the development of features to improve the adviser and investor experience, as well as ongoing simplification and improved efficiency of its operations”.

Since setting up a specialist business unit in May 2020 to handle the divestment of non-core and underperforming operations, the bank has sold Advance Asset Management, BT personal and corporate superannuation funds, Westpac Life Insurance Services, vendor finance business Strategic Alliances, its general insurance business, a lenders mortgage insurance business and a motor dealer finance and novated leasing business.

It has sold its shares in fund manager Pendal Group (formerly a subsidiary BT Investment Management) and its 10.7 per cent stake in Zip.

Apart from the decision not to sell the investment platforms, Westpac hit a roadblock with the sale of Westpac Pacific business in 2021, when Papua New Guinea’s Independent Consumer and Competition Commission blocked the sale to Kina Securities.

The specialist business portfolio now includes a margin lending unit, with balances of $1.2 billion; a $5.4 billion auto finance business; and Westpac Pacific.