BIAM’s loss is Bernstein’s gain

bt financial group fund manager investment manager risk management AXA retail investors united states

3 May 2005
| By Ross Kelly |

In another blow for Bank of Ireland Asset Management (BIAM), they have been dumped by BT Financial Group as manager of its Partner International Value Fund to be replaced by a division of Alliance Bernstein.

The rejection of BIAM is the next in a long line of woes for the Dublin-based fund manager, triggered late last year by the defection of the core of their funds management team to Perpetual’s newly established Ireland-based international equities arm.

But the new deal is a big catch for Berstien Investment Research and Management, a division of Alliance Capital Management, who will take control of the $109 million currently in BT’s fund as of May 13.

BT says Bernstein were picked because of their strong investment philosophy and quality of process.

“Bernstein’s emphasis on research based stock selection, the quality and organization of its research effort and the efficiency and rigor with which it tests and incorporates ideas into clients’ portfolios contributed to its appointment, as did its robust risk management disciplines,” said BT head of investment manager selection group Stewart Brentnall.

Bernstein is a value manager founded in the United States in 1967. In 2000, the organisation was acquired by the Alliance Capital Management Group and in 2001, AXA took a 50 per cent stake and brought Bernstein to Australia. The fund manager can also be accessed by Australian retail investors through the AXA Global Equity Value Fund, while institutional investors will know the manager as Alliance Bernstein.

Bernstein has over US$149 billion assets under management globally.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 weeks ago

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

1 month ago

Interesting. Would be good to know the details of the StrategyOne deal....

1 month 1 week ago

Insignia Financial has confirmed it is considering a preliminary non-binding proposal received from a US private equity giant to acquire the firm. ...

1 week 5 days ago

Six of the seven listed financial advice licensees have reported positive share price growth in 2024, with AMP and Insignia successfully reversing earlier losses. ...

1 week 1 day ago

Specialist wealth platform provider Mason Stevens has become the latest target of an acquisition as it enters a binding agreement with a leading Sydney-based private equi...

1 week ago