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BTIM posts strong profit, momentum to continue

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BT Investment Management Limited (BTIM) has attributed its focus on business strategies and a successful acquisition for its positive full year result.

BTIM reported a statutory net profit after tax (NPAT) of $21.4 million for the full year ended 30 September 2012.

The result was a 21 per cent increase from the previous period, which included a full 12 months contribution from acquired business J O Hambro Capital Management (JOHCM).

Its cash NPAT reached $41.5 million for the full year, up 36 per cent and also reflected the consolidation of JOHCM.

Closing funds under management (FUM) as at 30 September 2012 reached $46.6 billion, a 42 per cent increase from the previous period, driven substantially by the acquisition and improved market levels at year end.

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"This year has been an important and significant year for BTIM; the business has gone from a transformational stage [of] being a domestic-focused business to a global business," BTIM chief executive Emilio Gonzalez said.

"As a result of our focus on the business strategy and the progress we've made, we're in a much stronger position to build the business going forward, including our diversity of revenue and exploring opportunities to grow the business."

The JOHCM acquisition was executed smoothly, amid a period of uncertainty in the macro and global environment, Mr Gonzalez said.

"I'm very happy with the outcome. We're had to remind ourselves that it has been a very difficult time for both investors and markets in terms of the last 12 months," he said.

"At the same time, we remain focused on delivering a key plank on our expansion plans."

He said the transition of the JOHCM ownership made no disruptions to the business, including no client fund withdrawals and no staff departures.

As a larger diversified business, BTIM recently brought its BT Equity Income Series to market targeting the baby boomer sector and will officially launch JOHCM's emerging markets managed fund later in the month.

Mr Gonzalez said BTIM would remain vigilant in order to continue its momentum into 2013.

"I believe that the transformation of the business and our offering of new products, designed to meet the needs of clients in a risk-averse world, demonstrates the momentum of our business and the sound and timely execution of our strategy," he said.

"We head into financial year 2013 with a strong offshore capability in JOHCM, expanded opportunities that our business strategy has created and starting FUM higher than financial year 2012 average levels, all of which positions the business for growth."