Two stocks that plummeted on ASX – BT Investment Management Ltd and Abacus Property Group
Exit of Executive International hurting the stock sentiment: BT Investment Management Ltd (ASX: BTT) stock fell over 4.5% on January 17, 2017 as the group reported that Mr Gavin Rochussen, Group Executive International, has resigned. Mr Gavin Rochussen served five years with the BTT group and is now moving to a UK boutique asset management firm. On the other hand, the group’s Funds under management (FUM) rose $3.0 billion for the quarter ended 31 December 2016. J O Hambro Capital Management (JOHCM) performance fees currently contributed $28.0m (£16.5m) in fee revenue during the year ended 31 December 2016. The performance fees is expected to contribute over $10.6m to the group’s cash net profit after tax (and statutory net profit after tax) for the current financial year ending 30 September 2017.
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