Westpac sells down stake in BT Investment Management

Westpac is moving to bolster its balance sheet and lower its exposure to funds management, selling down its stake in BT Investment Management by up to $700 million.

In the latest move by a bank to raise capital, the lender on Tuesday said it would cut its holding in the separately listed BTIM to between 31 per cent and 40 per cent, from the present 59 per cent.