BT Investment Management has recorded a 4 per cent increase in statutory net profit after tax for the year ended 30 September 2015, coming in at $126.4 million.
Releasing its results to the ASX yesterday, BT Investment Management posted a cash net profit after tax of $132.5 million and a statutory net profit after tax of $126.4 million for the year ended 30 September 2015.
Closing funds under management (FUM) as at 30 September 2015 comprised $78.4 billion, up $12 billion from $66.4 billion in the previous year.
The firm attributed the 18 per cent increase in FUM to net inflows, which came in at $5.7 billion.
Performance fees, however, were significantly lower, coming in at $51.9 million compared with $121.8 million for the prior year.
BT Investment Management chief executive Emilio Gonzalez said, “The business has been able to continue its growth path with record net inflows as a result of strong investment performance.
“Fund flows were driven by ongoing demand for our offshore equity funds, domestic fixed income strategies and success in new products.
“Our range of equity funds in the US saw excellent growth and attracted $3.3 billion in net inflows contributing to another year of strong growth in base management fees,” Mr Gonzalez said.
The group recorded a 28 per cent increase in base management fee revenue when compared to the previous corresponding period.
The major bank has announced additional charges of $525 million after tax in connection with increased provisions for its customer-related r...
The Commonwealth Bank has advised that it will begin a reimbursement process to current and former staff for lost wages from next week. ...
The major banks have seen their reputations significantly downgraded in an annual perception survey, with AMP placing last out of 60 Austral...