Advance Asset Management (Advance) has dropped Alpha Investment Management (Alpha) and chosen BT Financial Group (BT) to handle more than $300 million of its $1.59 billion Australian shares fund.
Advance, wealth managers for the St George group, said it replaced Alpha with BT following a review of its investment process and performance.
"The BT team is well resourced with a disciplined stock research and portfolio construction process," St George Investment Solutions head Steven Gamerov said.
"These changes are consistent with our approach to making the best managers available to investors and blending their investment skills to deliver consistent, superior returns."
The amount of funds BT will handle is approximately the same as the Alpha mandate. Advance will also make minor adjustments to the allocation it gives other fund managers.
It is the fourth win for Westpac-owned BT in recent months. It also won mandates with Mercer Global Investments, TelstraSuper and the Timber Industry Superannuation Scheme.
BT's Australian equities portfolio has recently been upgraded from recommended to highly recommended by research house Lonsec.
The win is recognition of the hard work that has been put into rebuilding the portfolio in recent years, according to BT national account manager Bryce Doherty.
