Asset focus for Bendigo Bank
Bendigo Bank has launched an aggressive foray into funds management, hoping to double its assets under management, currently $3 billion, within a few years. It is then aiming to grow its funds management business in line with on-balance-sheet assets, which now total $7.5 billion.
Bendigo released a prospectus yesterday detailing five funds, covering options ranging from conservative, to balanced and growth. Group managing director Rob Hunt says that the bank's ready-made distribution network will boost its fee-based revenue and help to add value to its customers' investment choices.
The growth in its funds management business will be assisted by exposure in nearly 200 branch outlets, an advisory network through Sandhurst Trustees, and two financial planning services: Bendigo Investment Services and Worley Securities.