BT Financial Group (BTFG), a wealth management arm of the Westpac Group, has formed a new business unit BT Investment Solutions that realigns all its internal investment management teams under a single structure.

The rearrangement will see the investment operations of Advance Asset Management, Westpac Online Investing and BTFG’s in-house advice model portfolio construction team, eQR, coming under the supervision of BTFG General Manager Investments and Insurance David Lees.

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The new unit will be headed by David Lees and will be structured around four core functions.

Additionally, Advance Asset Management head Patrick Farrell has been appointed as chief investment officer for the group and Anthony Lane has been named as chief operating officer of BTFG.

Under the realignment, BT Financial Group’s boutique investment business Ascalon will continue to operate alongside BT Investment Solutions while the existing partnership with BT Investment Management remains unchanged.

Furthermore, Rodney Greenhalgh, BT’s head of retirement, will serve as head of investment product solutions, while Michaela McGlinn will become head of investment distribution and will focus on the management of key intermediate sale teams.

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"This alignment of our key investment capabilities will serve to bolster the development of service and product solutions for our customers and drive greater outcomes for shareholders," Lees said.

Lees added that BT Investment Solutions has brought together a talented team creating a centre of investment excellence to benefit investors.