BT Investment Management manages funds across a broad range of asset classes and sees this diversity of FUM as a key strength in comparison to some of its peers. During the year, there was a movement into cash, with investors seeing this asset class as increasingly less risky than other classes.

BTIM won market share in institutional and wholesale FUM and outperformed the All Ordinaries Index in challenging conditions
  FY 2008 opening
$b		 %
Total
FUM		 Net
flows
$b		 Market movements
$b		 FY 2008 closing
$b		 %
Total
FUM
Institutional and wholesale 16.7 40% 1.7 (2.5) 15.9 45%
Legacy retail 25.2 60% (1.8) (4.0) 19.4 55%
Total FUM 41.9   (0.1) (6.5) 35.3  

In the face of extremely challenging market conditions, BT Investment Management achieved net inflows of $1.7 billion from institutional and wholesale investors, demonstrating the Company’s ability to win market share during a difficult period. These inflows compensated for the outflows from the Company’s retail legacy book totalling $1.8 billion.

  • BT Investment Management’s funds are managed through a combination of internal investment teams and external managers, with a split of broadly 80:20 between these two. The main external managers during the year were:
  • AQR Capital Management LLC for global equities;
  • MFS International (UK) Limited for regional international equities;
  • Grosvenor Capital Management LP for alternative strategies;
  • AEW Capital Management LP for international property; and
  • BlackRock Financial Management Inc. for global fixed income.

FUM by asset class
Funds under management (as at September 2007)


Funds under management (as at September 2008)