In an announcement yesterday, BTIM said its 105 per cent growth was driven by strong flows into its offshore fund strategies, including raising $1.1 billion from its US pooled funds.
BTIM chief executive Emilio Gonzalez said the record year was underpinned by “exceptional fund performance”, strong growth in margins and “excellent fund flows”.
“While standout performance fees were earned this year, I am particularly pleased with the continued growth in our funds under management (FUM) and underlying base management fee revenue, which reflects the successful execution of our growth strategy,” Mr Gonzalez said.
“Our business has generated outstanding growth driven by strong flows into our offshore fund strategies. In the US, we have added new investment capabilities, opened a second office and raised $1.1 billion from our US pooled funds during the year,” he said.
“Our strategy of targeting the higher margin wholesale channel has delivered very strong results this year with net inflows of $4.1 billion from this channel globally,” Mr Gonzalez added.
BTIM also reported its fund performance across the groups was strong, with 97 per cent of FUM with a three-year track record “exceeding respective benchmarks” and 96 per cent of FUM with a five-year track record.
“In the year to 30 September 2014, closing FUM was up 14 per cent from $58.3 billion to $66.4 billion.
“The increase in FUM arose from a $3.9 billion increase from the combination of positive market movements and investment outperformance,” a statement from BTIM said.
