BT reports record inflows
BT Financial Grouphas announced record figures in terms of funds under administration (FUA) for both its super and wrap platforms.
BT’s wrap platform has topped $12 billion in FUA after strong growth over the last quarter, equating to a $1 billion growth per quarter since early 2003, and gives the platform an aggregated growth over the past three years of 65 per cent per annum.
Meanwhile BT’s corporate superannuation division has seen a 34 per cent increase in inflows, bringing the total FUA to $3 billion.
BT head of wrap, Dean Thomas, says nearly one dollar in five flowing through master trusts and wraps in Australia is now invested through the BT platform.
“As the fastest growing wrap in Australia, BT ranked first for net fund flows the previous quarter - $141.6 million ahead of the second ranked platform,” Thomas says.
BT director of corporate superannuation, Geoff Pecks comments: “BT’s share of new business has increased to the stage where one dollar in 10 [for corporate super across Australia] is now invested through BT.”
The announcements coincide with BT securing a $37 million corporate super mandate from pharmaceuticals giant AstraZeneca — a move which will see the group servicing another 1,000 members in Australia.
According to the latest data released by Sydney-based research houseDexx&Rlast month, superannuation continues to be the central driver of growth in the Australian financial services arena.
Recommended for you
With wealth management M&A appetite only growing stronger, Business Health has outlined the major considerations for buyers and sellers to prevent unintended misalignment between the parties.
Industry body SIAA has said the falling number of financial advisers in Australia is a key issue impacting the attractiveness and investor participation of both public and private markets.
As advisers risk losing two-thirds of FUA during the $3.5 trillion wealth transfer, two co-founders underscore why fostering trust with the next generation is vital to retaining intergenerational wealth.
As advisers seek greater insights into FSCP determinations, what are the various options considered by the panel and can a decision be appealed?
