Brian Scullin has been named the new independent chairman and non-executive director of Westpac bank spin off BT Investment Management.
Scullin, a former chairman of Deutsche Asset Management (DAM) and panel member for the Financial Industry Complaints Service, will lead a five person board through the group's proposed initial public offering (IPO) later this year.
BT Financial Group chief executive Rob Coombe is a Westpac non-executive director nominee, while BT Investment Management chief executive and chief investment officer Dirk Morris is also nominated.
The other non-executive directors are independent Gavin Walker, with another Westpac nominee, Carolyn Hewson, rounding out the five-person board.
Westpac shareholders in Australia and New Zealand who held Westpac ordinary shares at the close of business on October 12 will this week be invited to pre-register to receive a prospectus for the proposed IPO.
The IPO is tabled for the end of 2007.
Last quarter BT Westpac reported net fund flows in retail funds under administration of $3.9 billion, representing 19.3 per cent of total industry flows.
Of that, $2.1 billion, or 53.5 per cent, came from the firm's superannuation master fund products and $1.4 billion, or 36.8 per cent, came from investment wraps.
