BTIM lists on ASX
BT Investment Management(BTIM) has listed on the Australian Stock Exchange (ASX), with trading commencing yesterday on a conditional and deferred settlement basis.
The BTIM initial public offer (IPO) was open to Westpac Banking Corporation shareholders, who retain a 60 per cent stake in the business, as well as to local and overseas institutions and BTIM employees.
BTIM chairman Brian Scullin described the listing as a “significant milestone” in Australia’s eighth largest funds management business, boasting about $42 billion in funds under management.
“With BTIM employees having a direct stake in the continued success of the company, the board is confident there is now a significant and rewarding alignment of interests between the investment professionals, their clients and shareholders,” he said.
BTIM chief executive Dirk Morris agreed the company’s listing and structure best places it to attract and retain top-quality fund managers and analysts.
“We have a highly-qualified team with average industry experience of 18 years who will continue to focus on delivering clients superior investment performance while leveraging off the high-profile BT brand,” he said.
Normal settlement trading in BTIM is expected to begin on December 18.
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