Westpac Applies Radical Surgery to its Financial Advice Business
Wide-moat Westpac Banking Corporation’s first-quarter fiscal 2019 trading update confirmed the bank is making good progress despite increasingly challenging operating conditions. The unaudited cash profit of AUD 2.04 billion was up a healthy 7% on the average of the previous two quarters of AUD 1.91 billion. Excluding second-half remediation costs of AUD 281 million, the first-quarter cash NPAT was broadly stable on the average of the two previous quarters. The unaudited statutory NPAT for the D...Westpac Banking is a banking organization with branches, affiliates and controlled entities throughout Australia, New Zealand, Asia and in the Pacific region. Co. provides a range of banking and financial services in these markets, including consumer, business and institutional banking and wealth management services. Co. is engaged in the provision of financial services including lending, deposit taking, payments services, investment portfolio management and advice, superannuation and funds management, insurance services, leasing finance, general finance, interest rate risk management and foreign exchange services. As of Sep 30 2017, Co. had total assets of A$851,875,000,000.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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