BTFM improves
ASSIRT has given the thumbs up to BT Funds Management's investment team follow-ing its acquisition by Principal Financial Services.
ASSIRT has given the thumbs up to BT Funds Management's investment team follow-ing its acquisition by Principal Financial Services.
A re-rating of the fund manager found significant improvements had been made at BTFM, with 35 of the 36 funds rated considered investment grade.
Research manager Patrick Bennett says the ownership issues that bedevilled BT last year have been satisfactorily resolved.
"We view the acquisition by Principal as a good outcome for BT and existing in-vestors," he says.
"At this stage, no changes are being planned to the investment style or manage-ment of BT products, and while there have been several staff losses, nearly all senior investment staff remain. There appears to be a new focus among senior management and a willingness to make positive changes to the business."
The only fund not to make the grade was the BT American Growth Fund, which, while outperforming its benchmark (the S&P 500 Accumulation Index) by 25.25 per cent for the year to the end of February, had experienced periods of high vola-tility.
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