Institutional investors completed the acquisition of a 9.5% stake in Pendal, an investment management firm from Westpac Banking, an Australian bank and financial services provider, for $128m. “We acknowledge the significant part Westpac has played in Pendal’s history, both as a supportive owner and a client. We continue to have a strong client relationship with Westpac and currently manage $15.4bn in FUM on their behalf which constitutes 18 per cent of our total FUM and less than 10 % of total revenue. Additionally we continue to transition a number of support services from Westpac, including the Australian back-office operations which is expected to take place over the coming 2 years," Emilio Gonzalez, Pendal CEO.