The investment arm of BT Financial Group, BT Investment Management (BTT) fell on its debut today, down 1 cent on its listing price of $4.80.
The indicative range for the offer was $4.80 – $5.50, and the investment group listed at $4.80.
BT Investment Management (BTIM) is a new vehicle established to hold the investment management business (BT Investment Management Business) which was formerly operated by BT Financial Group, the wealth management division of Westpac.
The Westpac Group will retain 60% of the shares in the new vehicle.
"BTIM's vision is to be the leading funds management business in Australia as measured by long-term outperformance across a broad range of products, enabling it to grow funds under management and increase revenues and profitability," chairman Brian Scullin said in the prospectus.
BT has approximately $42 billion under management across a broad range of clients including institutional, advised clients and private clients.
The listing has created a company with a market capitalisation of approximately $247m.
More than 3 billion shares had changed hands on the first day of the trade.
Shares in the investment group traded in a range between $4.75 – $4.84, before closing at $4.79.
