Weaker $A and markets favour BTIM
BT Investment Management (BTIM) has posted a strong first half, reporting a cash net profit after cash of $66.5 million for the six months ended 31 March.
BTIM chief executive, Emilio Gonzalez's announcement described the outcome as a "quality result"
He said the business was performing extremely well and demonstrating the benefits of a diversified portfolio with strong investment performance.
"We are delivering growth in funds under management (FUM) and base management fees in both our domestic and offshore businesses as a result of investing in new teams, products, and continuing to expand our global footprint," he said.
Gonzalez said the company had record FUM growth of $10.7 billion driven by strong demand for JO Hambro Capital Management (JOHCM) equity funds, rising markets, a weaker Australian dollar and continued demand for domestic income products.
Looking over the remainder of the financial year, Gonzalez said the company remained focused on its long-term growth strategy.
"We have invested in new markets, teams and products all of which are now contributing to the growth of the business," he said.
Recommended for you
Private investment opportunities are moving up on the list of what investors want from their financial advisers, according to Natixis IM, and over half of firms say they are offering them more strategies.
Two asset managers have each expanded their product suite with the launch of new global equity funds for Australian investors.
Perpetual has confirmed it is in exclusive talks with global investment company KKR regarding an acquisition of its corporate trust and wealth management businesses.
Platinum Asset Management has put its two closed-end funds under strategic review in a bid to reduce the share price discount to pre-tax NTA and maximise shareholder value.