Pendal Group starts trading on ASX
Pendal Group, formerly known as BT Investment Management (BTIM), has unveiled its new brand and will start trading on the Australian Securities Exchange (ASX) under the updated ticker PDL.
At a general meeting on 27 April, BTIM’s shareholders voted to approve the change of company name to Pendal Group.
Following this, BTIM would change the names of its funds and the names of the responsible entities of these funds, the company said.
Pendal Group’s chief executive, Emilio Gonzalez, said the firm had developed from a domestically focused, equities-only fund manager to a global asset manager, which required a new brand name.
“When BTIM floated on the ASX in 2007, it was a company with an impressive pedigree. But, more importantly, it was a company with a vision for its future,” he said.
“The execution of this vision has seen us develop from a domestically focused, equities-only fund manager, to a truly global asset manager. It is a reputation which the board, management, and shareholders agree now requires a brand name and identity that belongs to the business.”
Gonzalez said the new name came from the reverse of Dal(gety) and Pen(sion) to form Pendal, being BT’s original nominee firm, which was established in 1971 to hold assets on behalf of its potential client Dalgety.
Two of Pendal’s funds, the Pendal Wholesale Global Emerging Markets Opportunities Fund and Pendal Wholesale Ethical Share Fund, have been nominated in their respective categories for the Money Management/Lonsec Fund Manager of the Year this year.
AUTHOR
Oksana Patron
Recommended for you
Bennelong Funds Management chief executive John Burke has told Money Management that the firm is seeking to invest in boutiques in two specific asset classes as it identifies gaps in its product range.
Responsible investment performance concerns have lessened as the market hits $1.6 trillion in AUM, according to RIAA’s annual report, but greenwashing fears among asset managers are on the rise.
Research by Morningstar has found fixed income funds are bucking a general trend around managed fund fee dispersion with a smaller fee dispersion compared to equity ones.
As investors seek to diversify their portfolios, the naming of bond labels has broadened out to include green, social and impact bonds, according to the annual RIAA report.
