BT Investment Management Limited (BTIM), the investment management business formerly operated by BT Financial Group listed on the Australian Securities Exchange (ASX) on 10 December 2007 following a Limited Initial Public Offer to Westpac shareholders and employees. Westpac has retained approximately 60% ownership of the new business.
The history of BT’s investment management organisation encompasses three former entities: Westpac Financial Services; Rothschild Australia Asset Management; and BT Funds Management. A brief history is provided for each entity.
Westpac Investment Management
1969 – Westpac Investment Management (WIM) was incorporated in December 1969 with the sole function of providing investment management services. WIM is a subsidiary of Westpac Financial Services Group Ltd (WFS), the wealth management arm of the Westpac Banking Corporation group (Westpac).
1997 – WIM fully acquires AMPAC Life, from a previous Westpac/AMP joint venture status, in October 1997.
2002 – Following Westpac’s acquisition of Rothschild Australia Asset Management Limited (RAAM), WIM is formally merged with RAAM with the combined entity being named
Rothschild Australia Asset Management
1967 – Incorporation of the company, N M Rothschild & Sons (Australia) Limited and commencement of Rothschild’s Asset Management business in Australia.
1969 – Incorporation of the N M Rothschild & Sons (Australia) Limited asset management business, International Pacific Properties Limited, as a legal entity in Australia.
1974 – International Pacific Properties Limited renamed International Pacific Investment Management Limited.
1983 – International Pacific Investment Management Limited was renamed Rothschild Australia Asset Management Limited (RAAM) and became a wholly owned member of N M Rothschild Australia Holdings Pty Limited (NMRAH) group of companies.
1997 – As part of a partial global restructure, an intermediate holding company, Rothschild Asset Management International Holdings BV took control of some of the Rothschild Group’s asset management operations including RAAM.
1998 – 100% ownership of RAAM reverted back to NMRAH.
2000 – A new asset management holding company, Rothschild Asset Management Holdings AG (RAMAG), was introduced. During 2000, RAMAG assumed control of RAAM in order to better align Rothschild’s asset management activities worldwide.
2002 – Westpac Banking Corporation (Westpac) acquired RAAM on 1 June 2002. On 23 July 2002, the combined RAAM and WIM entity changed its name to Sagitta Wealth Management Limited (Sagitta).
BT Funds Management
1969 – Inception of BT Australia as a merchant bank, then known as Ord BT Ltd. Funds management was established as a core operation from inception.
1976 – Ord BT Ltd became fully owned by Bankers Trust Company (New York).
1978 – The name of the merchant bank changed from Ord BT Ltd to BT Australia Ltd.
1994 – BT Asset Management Limited became BT Funds Management Limited.
1998 – Deutsche Bank announced a takeover bid for Bankers Trust Corporation in November.
1999 – BT Funds Management Limited offered for sale by Deutsche in February.
In June 1999 the US based Principal Financial Group announced its intention to acquire the Bankers Trust Australia Group, including BT Funds Management. The transaction closed on 31 August 1999.
2002 – Westpac announces its acquisition of the BT Financial Group from the Principal Financial Group on 26th August 2002. The transaction was formally completed on 31st October 2002.
BT Financial Group
Westpac’s wealth management organisation, combining Sagitta and BT, was named BT Financial Group in February 2003.
BT Investment Management
2007 – In August 2007, Westpac and BT Financial Group announced the formation of a new, listed funds management company. The new company, BT Investment Management Limited (BTIM), was formally separated on 19 October with Westpac retaining majority ownership. BTIM listed on the ASX on 10 December 2007.
2011 – In October 2011 – BTIM acquires J O Hambro Capital Management, a privately owned, London-based, boutique active equity investment manager with £7.1 billion (A$10.7 billion) of funds under management.