BT reports profit for 2008-09
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BT Investment Management (BTIM) has announced a profit of $26.9 million for September 2008-09, according to its annual results.
However, that profit has taken a dive of 33 per cent compared to the previous corresponding period.
BTIM's revenue dropped by more than $34 million between September 2008 and 2009, while its funds under management were up by $0.7 billion, or 2 per cent.
Total inflows for the business were $200 million over the reporting period, with $1 billion in inflows from institutional and wholesale clients, while outflows for retail clients reached $0.8 billion during the year.
BTIM’s expenses were also down during the year thanks to a savings program, with its employee costs dropping by 14 per cent, while other costs were down by 20 per cent during the year.
Chairman Brian Scullin said BTIM had continued to focus on managing its clients' funds and developing products while controlling its cost base and balance sheet.
BTIM's multi-boutique model had demonstrated its resilience throughout the financial crisis, he said.
AUTHOR
Benjamin Levy
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