Important Updates
3 April 2013
New Responsible Entity
Effective from 3 April 2013, BTIM will separate its managed funds and institutional businesses into separate legal entities.
What are the changes?
A new corporate entity has been established, BT Investment Management (Fund Services) Limited (BTIM FS), which will become the responsible entity and trustee of all BTIM group’s registered and unregistered managed funds. Currently, BT Investment Management (RE) Limited (BTIM RE) is the responsible entity for all BTIM group’s registered and unregistered funds and also provides investment management services to institutional clients.
BTIM FS is wholly owned by BTIM and will have the same corporate governance arrangements and resources as BTIM RE does currently. BTIM FS has been granted an Australian Financial Services License (AFSL) by ASIC to act as a responsible entity.
BTIM RE is being renamed BT Investment Management (Institutional) Limited (BTIMI). BTIMI will continue to provide investment management services to current and future mandate clients as well as to all BTIM group’s registered and unregistered funds.
18 March 2013
BT Institutional Diversified Balanced PST (Fund)
Introduction of alternatives and international property to the asset allocation of the Fund and implementation of new neutral positions and asset allocation ranges.
Following a recent review of the BT Institutional Diversified Balanced PST, the asset classes, neutral positions and asset allocation ranges of the Fund have changed with immediate effect. The changes include the introduction of new alternatives and international property asset classes.
The changes are expected to deliver an improved investment outcome for investors through better expected risk adjusted returns and further diversification to meet the Fund’s investment objective.
The following table outlines the current and new asset classes, neutral positions and asset allocation ranges of the Fund.
| Asset Class | Current Neutral Position | New Neutral Position |
| (Current Asset Allocation range) | (New Asset Allocation range) | |
| Australian Shares | 38% (28-48%) | 35% (28-48%) |
| International Shares | 22% (12-32%) | 18% (12-32%) |
| Australian Fixed Income | 15% (5-25%) | 20% (5-32%) |
| International Fixed Income | 10% (0-20%) | 8% (0-20%) |
| Australian Property | 10% (0-20%) | 3% (0-10%) |
| International Property (new) | 0% (0%) | 2% (0-10%) |
| Alternatives (new) | 0% (0%) | 10% (0-20%) |
| Cash | 5% (5-20%) | 4% (0-10%) |
25 February 2013
Notice of proposed change to the corporate structure of BT Investment Management Limited.
By way of update, it is proposed that BT Investment Management Limited (BTIM) will separate its responsible entity (RE) business activities and institutional business activities into discrete legal entities. It is planned that this change will take effect from 3rd April 2013. We will provide a further update if there is any material change to this date.
The proposed change is in response to new financial resource requirements for REs that came into effect on 1 November 2012.
The current RE and trustee is BT Investment Management (RE) Limited (BTIM RE). A new corporate entity has been established, BT Investment Management (Fund Services) Limited (BTIM FS) which is proposed to become the RE of BTIM group’s registered and unregistered trusts in place of BTIM RE.
BTIM FS is wholly-owned by BTIM and will have access to the same resources as BTIM RE does currently. BTIM confirms that the proposed change in RE will have no practical change in the day to day operation of the BTIM group’s registered and unregistered trusts.
You do not need to do anything. We will issue a notice to unitholders, explaining the changes in detail in early 2013.
1 December 2011
BT Institutional Money Market Fund
Notice of Termination: BT Institutional Money Market Fund (ABN: 18 879 313 351)
The BT Institutional Money Market Fund (Fund) will terminate effective Wednesday 8 February 2012.
The Fund will continue to accept applications (including deposits into the cheque facility) and redemptions (including cheques drawn) up until 2.30pm (Sydney time) on Monday 30 January 2012. Application or redemption requests received after this time will not be accepted and investors will not be able to access their investment until termination is completed.
The Fund will terminate effective Wednesday 8 February 2012 and as soon as practicable, the remaining assets in the Fund will be realised and the proceeds distributed to all investors in proportion to their unit holding. This payment is currently expected to be made in mid February 2012.
A letter has been sent to existing investors and advisers with clients invested in the Fund providing additional information regarding the termination.
30 November 2011
BTIM Diversified Funds and BT Pooled Superannuation Trusts (PSTs)
Following a recent review of the Strategic Asset Allocation (SAA) of the BTIM Diversified Funds and PSTs (Funds), the neutral positions of the Funds have changed with immediate effect.
The SAA process involves the positioning of the underlying asset classes across each of the Funds aimed at achieving their investment objectives.
The following tables outline the current and new neutral positions of the Funds.
- BT Wholesale Conservative Outlook Fund
- BT Conservative Outlook PST
- BT Institutional Stable Growth PST
- BT Institutional Conservative Growth PST
- BT Super Trust - Capital Stable Fund
| Asset Class | Current Neutral Position | New Neutral Position |
| Cash | 17% | 17% |
| Australian Fixed Interest | 34% | 40% |
| International Fixed Interest | 15% | 12% |
| Australian Shares | 15% | 15% |
| International Shares | 8% | 5% |
| Australian Property | 3% | 2% |
| International Property | 2% | 1% |
| Alternative Investments | 6% | 8% |
| Total | 100% | 100% |
- BT Wholesale Balanced Returns Fund
- BT Balanced Returns PST
- BT Super Trust - Investment Fund
| Asset Class | Current Neutral Position | New Neutral Position |
| Cash | 10% | 10% |
| Australian Fixed Interest | 17% | 21% |
| International Fixed Interest | 7% | 9% |
| Australian Shares | 33% | 30% |
| International Shares | 18% | 15% |
| Australian Property | 4% | 3% |
| International Property | 3% | 2% |
| Alternative Investments | 8% | 10% |
| Total | 100% | 100% |
- BT Wholesale Active Balanced Fund
- BT Active Balanced PST
- BT DIY Active Balanced PST
| Asset Class | Current Neutral Position | New Neutral Position |
| Cash | 2% | 4% |
| Australian Fixed Interest | 17% | 20% |
| International Fixed Interest | 7% | 8% |
| Australian Shares | 38% | 35% |
| International Shares | 20% | 18% |
| Australian Property | 5% | 3% |
| International Property | 3% | 2% |
| Alternative Investments | 8% | 10% |
| Total | 100% | 100% |
- BT Wholesale Future Goals Fund
| Asset Class | Current Neutral Position | New Neutral Position |
| Cash | 2% | 3% |
| Australian Fixed Interest | 8% | 10% |
| International Fixed Interest | 4% | 7% |
| Australian Shares | 45% | 41% |
| International Shares | 25% | 24% |
| Australian Property | 5% | 3% |
| International Property | 3% | 2% |
| Alternative Investments | 8% | 10% |
| Total | 100% | 100% |
11 August 2011
BT Wholesale Regular Income Fund
Notice of Termination: BT Wholesale Regular Income Fund (ARSN: 124 559 904)
Please note: The BT Wholesale Regular Income Fund (Fund) has been terminated effective Thursday 11th August 2011.
The Fund has been closed to all redemptions or transfers with effect from Thursday 11th August 2011 at 1.30pm (Sydney time).
Any redemption or transfer requests received after this time will be returned.
As the Fund has been terminated, the assets remaining in the Fund will be realised and the proceeds distributed to all investors in proportion to their unit holding.
A letter has been sent (effective Thursday 11th August) to investors and advisers with a current investment in the Fund providing additional information regarding the termination.
27 July 2011
BT Active Balanced PST
Removal of 10% derivatives limit
Please note the following important change is being made to the BT Active Balanced PST (Fund).
BT has implemented an enhanced Tactical Asset Allocation (TAA) investment process to actively manage the Fund. The enhanced TAA process involves making greater use of derivatives when making short-term asset allocation decisions within the existing ranges.
In order to implement the enhanced TAA process in full, the current 10% limit on the Fund’s total exposure to derivatives will be removed with effect from 1 August 2011. This will enable us to more easily adjust the Fund’s allocations within the existing asset allocation ranges if and when we have particular convictions on the short-term direction of markets.
For detail on the change to the Product Disclosure Statement for the Fund, please click through to the Supplementary PDS.
27 July 2011
BT DIY Active Balanced PST
Removal of 10% derivatives limit
Please note the following important change is being made to the BT DIY Active Balanced PST (Fund).
BT has implemented an enhanced Tactical Asset Allocation (TAA) investment process to actively manage the Fund. The enhanced TAA process involves making greater use of derivatives when making short-term asset allocation decisions within the existing ranges.
In order to implement the enhanced TAA process in full, the current 10% limit on the Fund’s total exposure to derivatives will be removed with effect from 1 August 2011. This will enable us to more easily adjust the Fund’s allocations within the existing asset allocation ranges if and when we have particular convictions on the short-term direction of markets.
For detail on the change to the Product Disclosure Statement for the Fund, please click through to the Supplementary PDS.
27 July 2011
BT Balanced Returns PST
Removal of 10% derivatives limit
Please note the following important change is being made to the BT Balanced Returns PST (Fund).
BT has implemented an enhanced Tactical Asset Allocation (TAA) investment process to actively manage the Fund. The enhanced TAA process involves making greater use of derivatives when making short-term asset allocation decisions within the existing ranges.
In order to implement the enhanced TAA process in full, the current 10% limit on the Fund’s total exposure to derivatives will be removed with effect from 1 August 2011. This will enable us to more easily adjust the Fund’s allocations within the existing asset allocation ranges if and when we have particular convictions on the short-term direction of markets.
For detail on the change to the Product Disclosure Statement for the Fund, please click through to the Supplementary PDS.
27 July 2011
BT Conservative Outlook PST
Removal of 10% derivatives limit
Please note the following important change is being made to the BT Conservative Outlook PST (Fund).
BT has implemented an enhanced Tactical Asset Allocation (TAA) investment process to actively manage the Fund. The enhanced TAA process involves making greater use of derivatives when making short-term asset allocation decisions within the existing ranges.
In order to implement the enhanced TAA process in full, the current 10% limit on the Fund’s total exposure to derivatives will be removed with effect from 1 August 2011. This will enable us to more easily adjust the Fund’s allocations within the existing asset allocation ranges if and when we have particular convictions on the short-term direction of markets.
For detail on the change to the Product Disclosure Statement for the Fund, please click through to the Supplementary PDS.
18 April 2011
BT Wholesale Conservative Outlook Fund
From 18 April 2011, The Fund’s 10% net exposure limit to derivatives has been removed.
Reason for change
Removing the 10% limit on the amount of derivatives that the Fund can hold will enable us to make greater use of derivatives when adjusting the Fund’s position within the existing asset allocation ranges.
Please note that we continue to have in place strict policies and procedures on the use of derivatives and are not permitted to use derivatives to gear the Fund.
18 April 2011
BT Wholesale Balanced Returns Fund
From 18 April 2011, The Fund’s 10% net exposure limit to derivatives has been removed.
Reason for change
Removing the 10% limit on the amount of derivatives that the Fund can hold will enable us to make greater use of derivatives when adjusting the Fund’s position within the existing asset allocation ranges.
Please note that we continue to have in place strict policies and procedures on the use of derivatives and are not permitted to use derivatives to gear the Fund.
2 February 2011
BT Wholesale Geared Imputation Fund
Effective from 31 January 2011, Hongkong and Shanghai Banking Corporation (HSBC) has replaced Westpac Banking Corporation (Westpac) as the lender to the BT Institutional Geared Tax Effective Share Sector Trust (Trust), in which the BT Wholesale Geared Imputation Fund (Fund) invests.
Reason for change
Based on a recent review of different lenders by BTIM, HSBC has been appointed as the new lender to the Trust as this arrangement is expected to provide a better cost outcome for investors.
The change of lender from Westpac to HSBC will not result in a change in the investment objective, strategy or risk profile for either the Trust or the Fund.
30 April 2010
BT Wholesale Managed Cash Fund
Formerly known as "BT Institutional Managed Cash Fund".
From 30 April 2010, the fund credit rating issued by Standard and Poor's (S&P) for the BT Wholesale Managed Cash Fund (Fund) can no longer be disclosed to retail investors in Australia.
The S&P fund credit rating and references in the Product Disclosure Statement (PDS) have been removed and a Supplementary PDS (dated 30 April 2010) has been issued for the Fund. Additionally, the S&P fund credit rating for the Fund will no longer be disclosed in factsheets or other documents accessible by retail investors but will continue to be provided to wholesale investors.
There is no change to the way the Fund is being managed, including its investment objective and investment strategy.
30 April 2010
BT Wholesale Enhanced Cash Fund
Formerly known as "BT Institutional Enhanced Cash Fund".
From 30 April 2010, the fund credit rating issued by Standard and Poor's (S&P) for the BT Wholesale Enhanced Cash Fund (Fund) can no longer be disclosed to retail investors in Australia.
The S&P fund credit rating and references in the Product Disclosure Statement (PDS) have been removed and a Supplementary PDS (dated 30 April 2010) has been issued for the Fund. Additionally, the S&P fund credit rating for the Fund will no longer be disclosed in factsheets or other documents accessible by retail investors but will continue to be provided to wholesale investors.
There is no change to the way the Fund is being managed, including its investment objective and investment strategy.
30 April 2010
BT Institutional Enhanced Fixed Interest Fund
From 30 April 2010, the fund credit rating issued by Standard and Poor's (S&P) for the BT Institutional Enhanced Fixed Interest Fund (Fund) can no longer be disclosed to retail investors in Australia.
The S&P fund credit rating and references in the Product Disclosure Statement (PDS) have been removed and a Supplementary PDS (dated 30 April 2010) has been issued for the Fund. Additionally, the S&P fund credit rating for the Fund will no longer be disclosed in factsheets or other documents accessible by retail investors but will continue to be provided to wholesale investors.
There is no change to the way the Fund is being managed, including its investment objective and investment strategy.
16 February 2010
Financial Industry Complaints Service (FICS) change to Financial Ombudsman Service (FOS)
Effective on 1 July 2008, FICS has merged with the Banking and Financial Services Ombudsman and the Insurance Ombudsman Service to form FOS.
FOS provides a national dispute resolution service that independently and impartially resolves disputes relating to the financial services industry.
For more information on FOS and BT Investment Management (RE) Limited's complaint resolution process please see the document below.
How we deal with complaints(234KB)
20 November 2009
Change of Registered Office
Effective Friday 20 November 2009 the registered office of BT Investment Management Limited (ABN 28 126 385 822) and BT Investment Management (RE) Limited (ABN 17 126 390 627) changed to:
Level 14
The Chifley Tower
2 Chifley Square
Sydney, NSW 2000
19 October 2009
BT Wholesale Ethical Conservative Fund
Important changes have been made to the fund, effective from 26 September 2009.
In summary these are:
- Change of Fund’s name to 'BT Sustainable Conservative Fund';
- Change of the Fund’s investment guidelines to permit investment in a broad range of fixed interest assets including Australian corporate bonds;
- Change of the Fund’s Australian fixed interest benchmark to UBS Composite Bond Index;
- Change of the Fund’s Buy-sell spread from 0.19% to 0.20%;
- Change of the Fund’s investment guidelines to allow sustainable screening of all asset classes;
- Change of the Fund’s investment risks to include 'credit and counterparty risk'.
19 October 2009
BT Institutional Ethical Balanced Fund
Important changes have been made to the fund, effective as at 26 September 2009.
In summary these are:
- Change of Fund’s name to 'BT Sustainable Balanced Fund';
- Change of the Fund’s investment guidelines to permit investment in a broad range of fixed interest assets including Australian corporate bonds;
- Change of the Fund’s Australian fixed interest benchmark to UBS Composite Bond Index;
- Change of the Fund’s Buy-sell spread from 0.40% to 0.34%;
- Change of the Fund’s investment guidelines to allow sustainable screening of Australian fixed interest.
