BTFinancialGroupwill aim to boost inflows into its multi-manager offerings after signing up formerMLCsenior business development manager Michael Bailey.
However, the move will not see BT deviate from its core asset management business according to head of distribution Chris Freeman. He says the appointment is more about offering clients a full range of services and an acceptance that “more and more advisers are acknowledging they are not in the business of offering investment advice but in the business of being a financial planner”.
“Our main focus will still be our proprietary asset management business, it’s just acknowledgement that financial planners are looking at different ways to put their portfolios together with a lot of them now outsourcing investment management decision-making to a multi-manager,” Freeman says.
According to Freeman, the appointment of Bailey is also “an acknowledgement that a different skill set is needed to sell the multi-manager product”.
Bailey, who joins after a 15 year stint selling multi-manager products with MLC, assumes the same title with BT and will be entrusted with training the group’s existing sales team on how to sell the multi-manager funds.
“His main job will be to train our sales people on how to position and sell the multi-manager product through all of our platforms,” Freeman says.
BT’s multi-manager funds were launched to corporate super clients in September 2001, and first offered to retail investors in March 2002 through Wrap and BT’s personal superannuation products. The funds, on whichInTechprovides asset allocation advice, have $540 million in funds under management.
