$1.5bn pulled from Pendal

Westpac is pulling $1.5 billion of funds under management from Pendal Group over April as it consolidates its superannuation offerings.

Pendal's management fee margin will be impacted by 0.31%, predominantly coming from multi-asset funds under management, it announced in a quarterly ASX statement.

The investment manager recorded total FUM of $100.9 billion as at the end of March, up $8.1 billion over the quarter.

Westpac will redeem the $1.5 billion from its Westpac/ BT Financial Group legacy books, which had about $20.5 billion in FUM.

The bank announced in March that BTFG will cease to be a standalone division, along with plans to exit salaried and aligned financial advice by September 2019.

Within BTFG, Westpac will integrate insurance into the customer division, while private wealth, platforms and investments and superannuation will move into an expanded business arm.

The financial adviser-established super segment, which includes SMSFs, has 380,000 members and $87 billion in FUM.

Employer-established super has 462,000 members, 17,000 employers and $23 billion in FUM.

The direct super segment has 484,000 members and $15 billion of assets.

BT Investment Management rebranded as Pendal Group in March 2018.

Read more: WestpacPendal GroupBTFGBT Financial GroupBT Investment Management
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