BT Investment Management (BTIM) has posted a 33 per cent increase of cash net profit after tax to $88.6 million for the half year to March thanks to increased performance fees.
In its half-year report to the Australian Securities Exchange (ASX), BTIM said its performance fee had increased by 97 cent to $74.9 million compared to the previous corresponding period.
Cash earnings per share rose 32 per cent to 29.1 cents per share, BTIM said.
BTIM Group chief executive, Emilio Gonzalez, said: “The strong result reflects our globally diversified business across geographies, channels, and products, which have all contributed to top line revenue growth”.
“Initiatives such as the establishment of an Australian-based global equities boutique and the launch of new products, continues our strategy of expanding our investment capabilities in growing asset classes and positioning of growth in existing markets,” he said.
BTIM said its total cash operating expenses increased by 28 per cent to $167.6 million, mostly resulting from higher variable employee costs linked to higher fee revenue and ongoing investment in the operating platform to support recent and future growth of the business.
The firm’s funds under management (FUM) closed at $77.2 billion, $1.2 billion lower than FUM of $78.4 billion at 30 September 2015. BTIM said the decrease was driven by unfavourable foreign exchange movements over the six-month period.
