BT Investment Management (BTIM), a subsidiary of Westpac, has set up a global equities boutique, which will be headed by Ashley Pittard – one of the founding shareholders of PM Capital.
Pittard, who will join BTIM and lead the new boutique from May 2016, is also planning to launch a new global equities fund.
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The fund will expand and complement the group’s existing range of global equities strategies including the JOHCM1Global Opportunities strategy and the JOHCM Global Select strategy, BTIM said.
In his role, Pittard will create a team of investment professionals to help him in managing the new global equities fund.
The launch of global equities boutique represents an investment of $3m-$4m on an annualised basis upon full implementation of the strategy.
Pittard joined BT from PM Capital, where he worked for 17 years managing global equities strategies with funds under management of approximately $1.5bn.
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By GlobalDataBTIM CEO Emilio Gonzalez said: "The appointment of Ashley and the establishment of an Australian based Global Equities boutique will further improve our capability to meet this demand.
"Adding a complementary global equities strategy to our suite of products provides further diversification in our equity book of business which as at the end of December 2015 totalled $54.6bn. This includes Australian equities and the JOHCM range of strategies covering the UK, Asia, Japan, Europe, US, global and emerging markets.
"The fund will be a long-only, benchmark-unaware concentrated strategy targeted at Australian retail investors through financial planners and platforms."
