BT profit defies volatility
BT Investment Management (BTIM) has managed to defy much of the market negativity by reporting a 10 per cent increase in cash net profit after tax of $40 million for the year ended September 30.
Commenting on the result, BTIM chairman Brian Scullin described it as pleasing in circumstances where it had been achieved against the backdrop of one of the greatest ever dislocations to equity and debt markets.
“We have achieved a profit in the middle of the February forecast guidance, despite Australian equity markets falling a further 19 per cent between February and September,” he said.
The BT result was achieved despite an overall decline in funds under management of $6.6 billion to close at $35.3 billion.
The company’s chief executive officer, Dirk Morris, painted a challenging picture for the company over the near term.
“In the short-term, continuing adverse market conditions will result in a challenging business environment,” he said.
However, he said BTIM was in a unique position to take advantage of growth opportunities presented by the dislocation of the markets because of its strong balance sheet.
“Suitable new talent is being selectively added from across the globe,” Morris said.
“New teams and merger and acquisition opportunities are being assessed to complement our existing capabilities and will be taken as appropriate.”
AUTHOR
Mike Taylor
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