BT Investment posts bumper profit

Company News

BT Investment Management Limited (ASX:BTT) has doubled first-half net profit owing to stronger global market activity.
 
The funds manager saw net profit rise 104 per cent to $22.8 million in the six months to March 31, while revenue jumped 44 per cent to $135.5 million.
 
BT chief executive Emilio Gonzalez says the exceptional performance in the first half reflected improved market conditions.
 
Higher performance fees and rising management fees also supported the strong lift in net profit.
 
BT says significant progress has been made in diversifying the business, including cutting its exposure to Australian equities as a proportion of funds under management from 33 per cent three years ago to 22 per cent currently.
 
BT - which is majority owned by Westpac Banking Corporation (ASX:WBC) - declared an interim dividend of 8 cents per share fully franked. That was up from 5.5 cents per share previously.