James Marlay

BT Investment Management have posted their FY13 financial results increasing NPAT by 49% to around $62 million. EPS was up 46% and a final dividend of 10 cps takes the FY dividend to 18cps. The result looks to be largely driven by record performance fees on from the JO Hambro business which increased FUM by 68%. Operating costs increased, however, this in the context of increased operating margins (up from 30% - 33%). Key asset classes that received strong demand through the year were Income and Fixed Interest funds, UK equities, Global equities and Japanese equities. Despite exceptional investment performance for the year, Australian equities remained out of favour with net outflows of $1.3 billion. Here is the release (VIEW LINK)


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