BTIM lists on ASX
BT Investment Management(BTIM) has listed on the Australian Stock Exchange (ASX), with trading commencing yesterday on a conditional and deferred settlement basis.
The BTIM initial public offer (IPO) was open to Westpac Banking Corporation shareholders, who retain a 60 per cent stake in the business, as well as to local and overseas institutions and BTIM employees.
BTIM chairman Brian Scullin described the listing as a “significant milestone” in Australia’s eighth largest funds management business, boasting about $42 billion in funds under management.
“With BTIM employees having a direct stake in the continued success of the company, the board is confident there is now a significant and rewarding alignment of interests between the investment professionals, their clients and shareholders,” he said.
BTIM chief executive Dirk Morris agreed the company’s listing and structure best places it to attract and retain top-quality fund managers and analysts.
“We have a highly-qualified team with average industry experience of 18 years who will continue to focus on delivering clients superior investment performance while leveraging off the high-profile BT brand,” he said.
Normal settlement trading in BTIM is expected to begin on December 18.
Recommended for you
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
