Westpac and ASX-listed funds manager Charter Hall Group are in exclusive talks for the sale of the bank’s global infrastructure investment fund Hastings Management.
The bank has operated Hastings, which has 100 employees and funds under management of $14.3 billion, for more than 22 years.
Charter Hall says it believes Hastings is an attractive expansion opportunity.
Westpac says: “Any binding arrangements in relation to the proposed sale and purchase remain subject to completion of due diligence, regulatory and board approvals. ”