PDL: Westpac Final Sell-Down

NZX Release


18 JUNE 2020

PDL: Westpac Final Sell-Do wn

Pursuant to the NZX Listing Rules, please find attached an announcement released by
a third party, Pendal Group Limited (ASX:PDL), on the ASX and cross-released under
WBC’s ASX ticker code.







For further information:

David Lording Andrew Bowden
Group Head of Media Relations Head of Investor Relations
+61 419 683 411 T. (+61 2) 8253 4008
M. +61 438 284 863


This document has been authorised f or release by Tim Hartin, General Manger & Company
Secretary.


Level 18, 275 Kent Street
Sydney, NSW, 2000

Pendal Group Limited
Level 14, The Chifley Tower2 Chifley
SquareSydney NSW 2000Australia
ABN 28 126 385 822

pendalgroup.com






ASX Announcement
Westpac final sell-down 
Sydney, Australia, 18 June 2020 – Global fund manager, Pendal Group Limited (ASX:PDL),
acknowledges the completion of Westpac’s sell down of its residual 9.5 per cent stake in Pendal.
Mr James Evans, Chairman of Pendal Group, said, “While this marks the end of an era of
ownership in Pendal by Westpac, Pendal has continued to build on the strong foundations of the
business since it was first floated as BT Investment Management on the ASX in 2007.
“At the time of IPO, it had $41.9 billion funds under management (FUM), all from Australian
domiciled clients and the majority of it managed on behalf of Westpac. Since that time Pendal has
transformed and diversified the business across geographies, clients, currencies and asset
classes, and we have more than doubled in size and scale to become a truly global company with
approximately $86 billion FUM and 70% of revenue offshore.
“Pendal has a strong balance sheet, no debt and positive cash flows. This financial strength,
combined with the Group’s operational resilience and robust business model continues to stand us
in good stead for the future.
Mr Emilio Gonzalez, Pendal Group’s Chief Executive Officer, said, “We acknowledge the significant
part Westpac has played in Pendal’s history, both as a supportive owner and a client. We continue
to have a strong client relationship with Westpac and currently manage $15.4 billion in FUM on
their behalf which constitutes 18 per cent of our total FUM and less than 10 per cent of total
revenue. Additionally we continue to transition a number of support services from Westpac,
including the Australian back-office operations which is expected to take place over the coming 2
years.
“We note the strategic review of Westpac’s wealth business. As an active fund manager we
continue to focus on delivering long-term returns and ‘true to label’ best outcomes for Westpac, as
we do for all our clients.”

For further information, please contact:
Media Enquiries Investor Enquiries
Louise Watson Rachel Cooper
Symbol Strategic Communications Head of Investor Relations
Telephone: +61 419 185 674 Telephone: +61 402 132 685