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Wealth Management Revenues Race Ahead at Australia's St George

Lachlan Colquhoun

2 May 2007

Expanding wealth management revenues at Australia's fifth-ranked lender St George are insulating the bank from the impacts of a weaker economy in its home stage of New South Wales. St George's wealth management division, which will soon outstrip its retail deposits business in terms of assets under management, turned in a pre-tax contribution of A$101 million in the bank's net profits of A$568 million announced this week. Wealth management is growing at an underlying 25 per cent a year and now has A$44.3 billion under management, only A$500 less than the bank's retail deposits.