BT soothes customers
BT Funds Management is moving to reassure its unitholders and advisers that all's well with the group, following the botched attempts to sell the business.
Thursday, June 10th 1999, 12:00AM
BT Funds Management is moving to reassure its unitholders and advisers that all's well with the group, following the botched attempts to sell the business.BT has sent a letter out saying that while ownership has changed (BT is now a subsidiary of Deutsche Bank) "that's the extent of the change".
Head of funds management Myles Baron-Hay says funds continue being "managed according to our time-proven active investment process".
Also, he says that BT's senior management "will now work with Deutsche to determine the best possible environment for BT".
"Our senior management team is working closely with Deutsche Bank management to resolve the various outstanding issues."
Of particular importance is the revelation the Deutsche was putting in place a "retention strategy" to ensure that about key staff would stay with the firm. This strategy provides about 100 staff with guaranteed bonuses.
"Key people at BT Funds Management are 'on board' and committed to the company and its clients," Baron-Hay says.
The failure of the sale process is being attributed to the "very tight timetable set down."
"Selling one of the largest financial institutions in Australasia was always going to be a complicated task. It was made more difficult by the fact that the acquisition of our parent company was itself still being completed."
"The sale process of BT Funds Management has demonstrated it is a highly sought after and valuable asset and there are a number of keen buyers. These buyers were however, unable to meet the commercial criteria required by Deutsche Bank in the timeframe set down," he says.
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