BT has released its March quarterly update, showing net flows of $1.5 billion for the half year to bring total BT Panorama funds under administration (FUA) to $105 billion.
With $155.18 billion in total funds under management and a market share of 18.3%, BT held the top spot as the market leader in platforms, according to Plan For Life research.
Managed accounts FUA increased to $10.9bn, up 57% to the prior corresponding period.
BT added 10 managed portfolios with environmental, social and governance- focused portfolios which it said was a key area of growth, increasing 130% in FUA over the year. A further seven ESG-focused managed portfolios were set to be added by the end of June.
Chief executive, Matt Rady, said: “The significant uncertainty we have seen this quarter reaffirms just how important the work advisers do to help Australians have their best financial futures. I am passionate about BT being the partner of choice to help advice practices thrive”.
In the March 2022 quarter, BT rolled out several new releases to enhance the platform including:
- Improvements to investment trading processes to speed up the time to process IPO elections and corporate actions;
- Increased the client transfer payment limits from $200k to $500k enabling more transactions to be controlled by advisers and their teams; and
- New business-level reporting functionality for advice fees.