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.
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
