BT Investment Management result reflects volatility
BT Investment Management (BTIM) has struggled amid continuing volatile market conditions, posting a 24 per cent decline in statutory net profit after tax to $11.2 million for the six months ended 31 March.
The result includes the first six-month contribution from JO Hambro Capital Management since its acquisition last year.
In an announcement released on the Australian Securities Exchange (ASX) today, the company said the result had come about despite a 51 per cent increase in revenue to $92.9 million and a 23 per cent increase in average funds under management for the period.
Commenting on the result, BTIM chief executive Emilio Gonzalez said that despite improved market conditions in the March quarter, investors had remained cautious.
He said the company's cash and fixed income capability was attracting strong support, and it had launched new income products in the wholesale market.
"We see a continuing trend in investors seeking yield and we are developing new product initiatives to address this demand," Gonzalez said.
Looking over the horizon, Gonzalez said that while the company had been encouraged by the improvement in markets in the March quarter, this needed to be sustained for investor confidence to return.
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