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BT records strong fund inflows
August 7 2008
BT records strong fund inflows
BT Funds Management, the investment arm of Westpac, has been ranked number one fund manager by FundSource for its strong inflow of funds in both the June 08 quarter and the year ending June 08.
This is despite negative fund flows of $1,572.7M for the industry over the 12 months to June, the largest outflow recorded in many years.
In data released in FundSource's Retail Managed Funds Trends and Market Composition Report June 2008, BT experienced significant net inflows of $157.53M for the year.
The largest inflows of $101.61M were into the unit trusts managed by BT, including the Westpac Cash Plus Trust, a low risk, tax efficient PIE fund. The Westpac KiwiSaver Scheme, which is managed and administered by BT, has attracted more than 90,000 members and sits in fourth place overall for net funds flow.
BT manages and administers around $2.0 billion of funds under management and is a fully owned subsidiary of Westpac.
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