BT cops $0.4 billion outflow
Market volatility is continuing to hit BT Investment Management (BTIM), which has announced outflows of $0.4 billion for the June quarter.
The company announced to the Australian Securities Exchange today that the June quarter was the first this year that net outflows had been recorded in.
It said that on a cumulative basis, over the three-quarters of fiscal 2008, BTIM had registered overall net inflows of $0.7 billion.
The company said that subsequent to June 30, BTIM had been notified by an institutional client of an intention to redeem approximately $0.5 billion in funds under management in the low margin category and it was anticipated this would occur in the September quarter.
Commenting on the flows, BTIM chief executive Chris Millard said that while the company had experienced a difficult year to date, it had performed well in relative terms.
“Our focus is on improving the quality of our earnings by targeting higher margin businesses and by leveraging our support platform as new boutiques come on board,” he said.
AUTHOR
Mike Taylor
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