ASX Announcement
ASX Announcement 16 January 2018
• BT Investment Management Limited (BTIM) - Funds under Management (FUM) up $2.3 billion for the quarter ended 31 December 2017 to $98.1bn
• JOHCM performance fees of $47.5m (£27.0m) for the year ended 31 December 2017
Funds under Management
(AUD $bn) | 30 Sep 17 | 31 Dec 17 | |||
Closing FUM | Net Flows | Other* | FX Impact | Closing FUM | |
Ins titutional | 20.2 | 0.1 | 0.7 | 21.0 | |
Wh o l e s a l e | 6.4 | 0.2 | 0.4 | 7.0 | |
We s tp a c/BTFG | |||||
- Legacy retail | 7.6 | (0.2) | 0.4 | 7.8 | |
- Other | 10.6 | (1.4) | 0.5 | 9.7 | |
TOTAL BTIM AUST FUM | 44.8 | (1.3) | 2.0 | - | 45.5 |
Segregated mandates | 15.6 | (0.8) | 0.6 | 0.1 | 15.5 |
OEICs | 23.9 | (0.2) | 0.8 | 0.2 | 24.7 |
US Pooled Funds | 11.5 | 0.4 | 0.5 | - | 12.4 |
TOTAL JOHCM FUM | 51.0 | (0.6) | 1.9 | 0.3 | 52.6 |
TOTAL BTIM GROUP FUM | 95.8 | (1.9) | 3.9 | 0.3 | 98.1 |
*Other includes investment performance, market movement and distributions
Notes:
1. During the quarter, BTIM Australia experienced net outflows of -$1.3bn led by a redemption (-$1.8bn) by the Westpac Group relating to the reconfiguration of its MySuper portfolio which was flagged in the 2017 financial year. Additionally, there were institutional inflows into two new Australian Equities mandates (+$0.4bn) together with positive inflows into Australian Equities, Fixed Interest and Multi-Asset funds in the wholesale channel.
JOHCM saw outflows of -$0.6bn during the quarter primarily as a result of the redemption of a $1.2bn mandate in the UK Opportunities strategy as outlined in the 2017 full year result. Elsewhere, a new mandate funded into the European Concentrated Value strategy (+$0.3bn) while there were ongoing inflows into the US pooled funds. The OEICs were in outflow largely due to net outflows in the UK Opportunities fund (-$0.5bn) and follows on from the retirement of a senior fund manager of the fund effective 30 September 2017.
2. The effect of the net flows during the December quarter on BTIM revenue represents a reduction in annualised fee income of $4.3m.
3.
The Australian Dollar weakened relative to the British Pound and to the US Dollar over the quarter. This had the effect of increasing FUM over the period by $0.3bn. Movements in exchange rates over the quarter were:
30 September 2017 | 31 December 2017 | |
GBP / AUD USD / AUD 1.7109 1.7250 1.2757 1.2821 |
JOHCM Performance Fees
JOHCM performance fees for the year ended 31 December 2017 total approximately $47.5m (£27.0m) in fee revenue. The performance fees will contribute approximately $17.8m to BTIM's cash net profit after tax (and statutory net profit after tax) for the current financial year ending 30 September 2018. The performance fees have been derived from nine different investment strategies.
The JOHCM performance fees compare to the $28.0m (£16.5m) received for the prior corresponding period which contributed $10.6m to BTIM's cash net profit after tax (and statutory net profit after tax) for the financial year ended 30 September 2017.
BTIM Australia's annual performance fees are generally for a 30 June performance period and will be brought to account in the second half of the financial year.
For further information on this announcement, please contact:
Cameron Williamson
Group Chief Financial Officer
BT Investment Management Limited Telephone: +61 2 9220 2126
BT Investment Management Limited published this content on 16 January 2018 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 15 January 2018 23:29:06 UTC.
Original documenthttps://btim.com.au/wp-content/uploads/2018/01/FUM-Notice-AS-AT-30-DEC-17-00014941.pdf
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