BT tops investment survey
BT Funds Management has topped the latest InTech performance survey for pooled superannuation trusts (PSTs).
BT Funds Management has topped the latest InTech performance survey for pooled superannuation trusts (PSTs).
Six months ago, the funds management Goliath was struggling against the lowest inflows it had experienced in two years, on the back of takeover speculation and the subsequent hold recommendations placed on it by research groups.
However, it was the top-performing fund for the year, with returns of 12.64 per cent, outperforming the average PST by almost 3 per cent, and creeping ahead of last year’s Money Management’s fund manager of the year, Colonial First State, by less than 0.1 per cent. Norwich came in third, returning 12.13 per cent for the year.
Not faring so well in the survey was the troubled Advance, which managed the lowest return in the survey of 5.25 per cent. Advance recently flagged a manage-ment restructure in order to overcome its uninspiring performance in recent times, following the resignation of managing director Russell Hooper. The group an-nounced Malcolm Robertson, interim managing director and former head of in-vestments with the group, was to head the group permanently.
Other groups with PSTs lagging the pack were Zurich (returning 6.28 per cent) and Salomon Smith Barney, whose Salomon Balanced PST managed a return of 6.3 per cent for the year.
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