BT Investment Management’s profit soars
(5 May 2010 – Australia) BT Investment Management (BTIM) has announced a 58 percent rise in first-half profit with a significant hike in its dividend, the results reflecting a clear recovery in equity markets.
Over a six month period to the end of March, Chief executive Emilio Gonzalez reported net profit rising to $9.7 million from $6.1m the year before.
As a result of this rise, the company declared a fully franked interim dividend of 5.5c a share, up from 3c earlier.
In addition to this, BTIM (which is 61 percent owned by Westpac) was also recommending a 12.5c per share capital return, subject to a favourable ruling from the tax office and shareholder approval at an extraordinary general meeting.
BTIM stated that its funds under management grew by 19 percent rising to $36.3 billion over the period.
A five-year agreement between BTIM and Westpac has been signed with BTIM continuing to manage a number of BT Financial Group's retail funds. However, this will no longer be an exclusive arrangement.
Commenting on this new agreement, Mr Gonzalez said Westpac's decision to remove exclusivity from the contract was 'purely a fiduciary responsibility'.
As a result of this rise, the company declared a fully franked interim dividend of 5.5c a share, up from 3c earlier.
In addition to this, BTIM (which is 61 percent owned by Westpac) was also recommending a 12.5c per share capital return, subject to a favourable ruling from the tax office and shareholder approval at an extraordinary general meeting.
BTIM stated that its funds under management grew by 19 percent rising to $36.3 billion over the period.
A five-year agreement between BTIM and Westpac has been signed with BTIM continuing to manage a number of BT Financial Group's retail funds. However, this will no longer be an exclusive arrangement.
Commenting on this new agreement, Mr Gonzalez said Westpac's decision to remove exclusivity from the contract was 'purely a fiduciary responsibility'.
Subscribe