BT Investment Management reports solid profit
BT Investment Management appears to be weathering recent market volatility and cautious investor sentiment in good shape, reporting just a one per cent decline in net profit after tax of $30.5 million for the year ended 30 September.
It said the result excluded the one-off transaction expense associated with the acquisition of J O Hambro Capital Management, which would have seen statutory net profit after tax declining by 23 per cent to $16.9 million.
Commenting on the result, BTIM chief executive Emilio Gonzalez said it was sound against the backdrop of volatile markets driven by concerns over European sovereign debt and a deteriorating global macro-economic environment.
"In a difficult environment, BTIM has maintained its underlying profitability with a continued focus on costs whilst continuing to invest for growth," he said.
Gonzalez said the company had made significant progress on a number of strategic initiatives, in particular the recently JOHCM acquisition which had had not resulted in any mandate losses or in any funds being placed on hold.
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Mike Taylor
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