In 1969, BT began as the Australian subsidiary of the Bankers Trust Company of New York, Bankers Trust Australia, and since this time has continued to define itself by adapting and responding to customer needs.
The Bankers Trust Company was formed in 1903 in New York, and was sold to Deutsche Bank in 1998. In 1999 the Bankers Trust Australian division was sold to the US-based Principal Financial Group, who sold the asset management division, BT Funds Management, to the Westpac Banking Corporation (Westpac) in 2002.
Westpac combined BT Funds Management with its previous wealth acquisition - the Rothschild asset management business - and its own Financial Services operations, to form an expanded wealth management division of Westpac – BT Financial Group (BTFG).
In 2008, the St. George Wealth Management business merged with BTFG to form one of the largest wealth management businesses in Australia. St.George Bank’s Wealth Management division brought eight unique businesses with them, which included Asgard, Securitor, Licensee Select, Advance Asset Management, St.George Financial Planning and St.George Private Clients.
This saw the brands of BT, BT Investment Management, Magnitude, Westpac Financial Planning, Insurance and Private Bank join forces with Asgard, Securitor, Advance, Licensee Select, Ascalon Capital Managers, St.George Financial Planning (including BankSA Financial Planning) and St.George Private Clients.
In 2019, Westpac Group announced changes to the structure of its wealth business, BT Financial Group. This included an exit from financial advice; with the private wealth, platforms, investments and superannuation businesses moving into Westpac’s expanded Business division; and the insurance business moving into Westpac’s Consumer division. As a result, BTFG is no longer run as a separate division, but has become a single wealth management brand within Westpac, now known as BT .
Today, BT’s evolution continues. From BTFG with a respected collection of brands who were leaders in their market segments to now being BT – Westpac Group’s wealth solutions brand, fulfilling a more connected role within Westpac, side by side with banking, to build lifelong relationships with customers in the moments that matter.