BT appoints Putnam as international manager
BT Funds Managementhas today appointed US based Putnam Investments to manage its $5 billion international share portfolio.
The arrangement is expected to come into effect at the end of this month once theWestpac Bank’sacquisition of BT is completed.
BT’s international equity funds are currently managed by its former parent, the Iowa based Principal group.
Under the agreement announced today, Putnam will manage the BT International Fund, BT’s regional and sector funds, and international shares within BT’s range of diversified portfolio funds.
Putnam was appointed to the role after an extensive search by theFrank Russellasset consulting group on behalf of BT.
“As part of Westpac’s strategy to be the leading wealth management force in Australia and New Zealand, we are committed to forming investment alliances with leading global companies,” Westpac wealth management head David Clarke says.
“This is based on the premise that if we do not have the appropriate resources in-house, we will seek strategic alliances with partners considered the best in their field.”
The Putnam group has managed international equities on behalf of BT’s stable mate,Sagitta Wealth Management(formerly Rothschild Australia Asset Management), since April 2000.
Westpac bought out Sagitta in April, just four months before its acquisition of BT. The bank is currently in the process of combining the funds management teams of both groups.
BT executive vice president Rob Coombe says the appointment of Putnam would ensure BT funds continue to be managed in a consistent manner.
“Putnam’s core active investment style has delivered strong and consistent investment returns over the longer term, and is a good match with the investment style currently used by BT in the management of its range of international share products,” he says.
The head of Putnam’s international business, John Boneparth, says the agreement with BT would signal an increased presence in Australia for the group.
“[The appointment] is important, not only because of its magnitude, but also because it provides Putnam with an expanded, major presence in the Australian and New Zealand marketplace,” he says.
As part of the arrangement, BT and Sagitta will become exclusive agents for Putnam in Australia. Putnam will also base a number of its employees in BT and Sagitta offices.
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