HBOS has continued on its acquisition path in Australia, adding Queensland-based financial planning firm Whitttaker Macnaught to its growing...

HBOS has continued on its acquisition path in Australia, adding Queensland-based financial planning firm Whitttaker Macnaught to its growing wealth management business in the country. The Whittaker deal, for an undisclosed sum, takes HBOS Australia’s funds under management from $500 million to $2.1 billion and brings the bank closer to its goal of turning its wealth management business into a significant local player. HBOS subsidiary BankWest has recently been busy hiring executives for its fledgling private banking business, while the bank has also rolled out its St. Andrews brand, with a focus on the more populous eastern states. St. Andrews reported a 2006 profit of A$10.8 million ($8.36 million) but says it wants to double that result this year. “HBOS Australia has ambitious and aggressive plans to become a major national provider of financial services – and wealth management is crucial,” said John Van der Wielen, head of St. Andrews in Australia. Mr Van der Wielen described the Whittaker deal as “a very exciting leap forward in the group’s aggressive growth plans.”