BT Funds Management comes up trumps
ASSIRT has given the thumbs up to BT Funds Management's investment team following its acqui-sition by Principal Financial Services.
ASSIRT has given the thumbs up to BT Funds Management's investment team following its acqui-sition by Principal Financial Services.
A re-rating of the fund manager found significant improvements have been made at BTFM with 35 of the 36 funds rated considered investment grade.
Research manager Patrick Bennett says the ownership issues that bedevilled BT last year have been satisfactorily resolved.
"We view the acquisition by Principal as a good outcome for BT and existing investors," he says.
"At this stage, no changes are being planned to the investment style or management of BT prod-ucts, and while there have been several staff losses, nearly all senior investment staff remain. There appears to be a new focus among senior management and a willingness to make positive changes to the business."
The only fund not to make the grade was the BT American Growth Fund, which while outper-forming its benchmark (the S&P 500 Accumulation Index) by 25.25 per cent for the year to the end of February, had experienced periods of high volatility.
Recommended for you
AUSIEX has announced it will acquire FIIG, a specialist fixed income provider with $4.5 billion in funds under advice.
Platinum Asset Management has announced it is in discussions with a global alternatives fund manager regarding a possible merger to create an $18 billion firm.
Frontier Advisors has bolstered its Japanese footprint through a partnership with the $350 billion asset management arm of Nippon Life Insurance Company.
JP Morgan Asset Management has appointed an ETF specialist from Vanguard as it seeks to expand its ETF range.
