News Round Up

New international manager for BT, Advisers react strongly to comments, Retail participation in hedge funds a worry, Two gongs for Tyndall, GCN rating affirmed.

Monday, May 1st 2006, 5:32AM

BT Financial Group has appointed AQR Capital Management manage around $3 billion it has in its core international equities under a new alliance partnership.

US-based AQR already has US$23 billion under management, including more than $8 billion in absolute return strategies. As a result of this partnership, AQR will establish a presence in Sydney in order to serve its growing Australian client base.

"AQR will provide BT investors with access to high quality global equity processes through the application of systematic return forecasting models and deep risk control," BT says. AQR will replace Putnam as BT’s international equity manager.

"BT has negotiated an exclusive agreement for AQR to manage our global equities, and for us to distribute under the BT brand in Australia and New Zealand to Westpac Financial Planning, Corporate Super, Wrap and wholesale clients," BT chief executive Rob Coombe says.

AQR will manage BT’s core global offerings, including the international equities component of BT’s diversified range. Massachusetts Financial Services (MFS) has been awarded a mandate to manage BT’s regional, country and sector funds with international exposure.

Advisers react strongly to comments
Last week’s Blog on changes to the advisory industry have certainly hit a strong vein of feeling with readers.

Many advisers have emailed or called commenting on the Blog – all supporting what it said. Following are just some of the comments - Read On

Retail participation in hedge funds a worry: Diplock
The increasing retail participation in hedge funds either directly or through pensions funds, is worrying sharemarket regulators around the world, says Jane Diplock, the chairwoman of New Zealand's Securities Commission [more]

Two gongs for Tyndall

Tyndall Investment Management has won the Chapman Tripp Fund Manager of the Year for the second consecutive year.

The award is recognition of Tyndall’s consistency in performance, its processes and its people, Tyndall managing director, Anthony Quirk says.

“Receiving this award for the second year in a row is a stamp of excellence in terms of how well we’ve performed for our clients.

GCN rating affirmed
Standard & Poor's has affirmed the AAA rating on the Series 1 Global Corporate Credit Trust No 1 notes (known as GCNs), while at the same time removing it from CreditWatch with negative implications.

The removal from CreditWatch negative of the AAA rating on the GCNs Series 1 notes follows the removal of the Structured Investments Series 75 Class A notes AAA rating from CreditWatch with negative implications.

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