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BT picks Putnam

BT to appoint top global fund manager Putnam to manage global equities

Tuesday, October 8th 2002, 2:45PM

BT Funds Management (BT) has agreed to appoint Putnam Investments1 to manage the A$5 billion of international share assets within BT's range of managed funds and superannuation portfolios.

Putnam - which is the 4th largest mutual fund manager in the US - will soon be responsible for managing A$7 billion of global equity assets for BT and Sagitta Wealth Management Ltd (Sagitta) investors.

Putnam's management of BT international share assets - including the BT International Fund, BT's regional and sector funds, and international shares within BT's range of diversified portfolios - will come into effect once the Westpac acquisition of BT closes, which is expected to occur on October 31.

Today's announcement follows an extensive search by global manager research firm, the Frank Russell Company. Frank Russell's task was to find the best international equities manager - of similar investment style to that currently used by BT - for BT investors.

Putnam was selected from a shortlist of 23 Frank Russell-recommended international managers.

Managers were put through a comprehensive due diligence process by Frank Russell and BT with input from senior management at Sagitta and Westpac.

David MacKenzie, Senior Manager, Institutional Services, for the Frank Russell Company said the selection process was based on objective criteria, with final candidates all excelling from an investment capabilities standpoint.

"The selection process was rigorous and professionally managed, with 23 Frank Russell buy-rated managers assessed before a shortlist was derived based on capability and investment style.

"The final selection phase included on-site inspections at the managers' headquarters, scrutiny of written proposals, a formal presentation by shortlisted candidates in Sydney, and final assessment by objective criteria."

Craig Stobo, Chief Executive BT Funds Management (NZ), said the agreement to appoint Putnam would ensure that BT funds continued to be managed in a manner consistent with the investment policy stated in relevant BT investment statements and brochures.

He said this was particularly important for BT investors who had invested on the basis of investment style and had taken a longer-term view on their investments - particularly in light of recent sharemarket sell-offs.

"Putnam's core active investment style has delivered strong and consistent investment returns over the longer term, and is a good match with the investment style currently used by BT in the management of its range of international share products.

"Putnam has over 300 investment professionals, and its strong focus on research-driven process, risk management, and professional portfolio management gives us great confidence we have found one of the best international managers for BT investors," Stobo says. Mr John Boneparth, Senior Managing Director, Head of Putnam International Business, said the agreement to appoint Putnam signals an increased level of investment in the Australian and New Zealand marketplace. BT and Sagitta will become exclusive agents for Putnam. "We look forward to being able to provide BT investors access to our world-class investment management capabilities, and further build upon the solid relationship we share with Sagitta investors," he said. "Putnam is fully committed to the relationship with BT and Sagitta and is bringing considerable resources to a partnership that is among our largest and most important global relationships." As part of the agreement, Putnam will be introducing a very high level of support for the Australian and New Zealand agency relationship. This will see Putnam staff in BT/Sagitta offices, with BT and Sagitta gaining access to Putnam research and product development opportunities.

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