Shares in BT Investment Management Ltd (ASX: BTT) climbed 1.8% today after the international equities manager revealed its total funds under management (FUM) grew $2.3 billion to $98.1 billion for the quarter ending December 31 2017.
The weakening of the Australian dollar against the US dollar and British pound over the quarter helped lift FUM in Australian dollar terms, while the strength of global equity markets also contributed to the FUM uplift.
However, during the quarter its BT Investment Management operating division printed $1.3 billion in net fund outflows mainly due to a significant redemption related to the "reconfiguration of the MySuper portfolio" by Westpac Banking Group (ASX: WBC).
Its JO Hambro business also delivered $600 million in net fund outflows largely due to the redemption of a significant mandate in its UK opportunities fund. JO Hambro earned FX-adjusted performance fees of $45.7 million for the quarter ending December 31 2017.
BT Investment Management remains one of the better listed fund managers on the local market, alongside the likes of Janus Henderson Group (ASX: JHG) and Macquarie Group Ltd (ASX: MQG).
