BT shuts down two funds

BT Financial Group has shut down a $670 million global property fund and a $293 million Asian shares fund, as it sees them unsuitable for retail investors.

The bigger of the two funds, Advance Global Property Fund was managed by Principal Global Investors Australia and was terminated in September.

The Advance Asian Shares Multi-Blend Fund was managed by TT International and Wellington and was terminated at the end of last month.

"These two funds were determined to be no longer viable for retail investors due to reduced funds under management (FUM) and a decrease in demand," BT's chief investment officer Corrin Collocott said in a statement.

Retail investor money was a small portion of the two funds.

"Less than 5% of the FUM in these two funds were held by direct investors (4% and 0.041% respectively) the remainder reflects internal allocations that were redirected to other asset classes and strategies," Collocott said.

Advance Asset Management is owned by Westpac's BT Financial Group.

Read more: BT Financial GroupCorrin CollocottAdvance Asset ManagementAdvance Global Property FundPrincipal Global Investors AustraliaTT InternationalWellington
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