BTIM exclusivity agreement with BTFG removed
The master relationship agreement between BT Investment Management (BTIM) and BT Financial Group (BTFG) has been extended to March 2015, although the investment manager’s exclusivity rights have been removed.
The master relationship agreement has been extended until March 31, 2015, but changes to the agreement mean that BTFG can appoint investment managers other than BTIM in relation to its funds and BTFG can also make withdrawals where it is seen to be in the best interests of investors.
BTIM stated that it recognises that this is consistent with BTFG’s fiduciary obligations to its investors and current market practice.
There has been no change to the fees charged by BTIM, although a formal fee review has been implemented.
AUTHOR
Caroline Munro
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