BT Financial Group (BTFG) has added fixed income manager Wellington Management and removed a spate of managers after a review of its multi-manager line-up.

The review was conducted to align the investment strategies of the BT multi-manager funds and those of Advance Investment Solutions, following the merger of their parent companies Westpac and St George.

"These changes are not made on the basis of the returns of the fund managers, but were made to align the strategy of the BT multi-manager funds with the Advance funds," BT Financial Group head of investment solutions Patrick Farrell said.

The manager line-up for Australian equities now consists of Alleron, Schroders, Ausbil Dexia, BT Investment Management, and Advance small caps multi-blend managers Northcape Capital, Contango Asset Management and Celeste Funds Management (formerly known as Souls Funds Management).

Farrell has removed MIR Investment Management, Challenger, GMO and Bernstein.

International equities managers include AQR Capital Management, MFS, Trilogy Global Advisors, Tradewinds, Lazard Asset Management and Schroders.
 
The property allocation is run by European Investors, Perennial Investment Partners and CB Richard Ellis.

Zurich and AEW Capital Management were removed from the property allocation.

Australian fixed interest is allocated to Colonial First State and Perennial, while in international fixed interest, Wellington has been added to existing managers Franklin Templeton and Standish Mellon.

Although the changes come after a period of extreme volatility in the stockmarkets, Farrell said the new line-up was a long-term solution.

"We always review our managers on a regular basis and will make changes where necessary, but I'm confident this provides a long-term solution," he said.