BT Investment Management, the Australian fund manager, priced its initial public offering in Sydney today at the bottom of the range, raising A$247m (€148m) and making it the third asset manager to list in the country this year.

The company is the eighth largest fund manager in Australia with A$42bn is assets under management. Parent Westpac, which is the fourth largest bank in Australia, has retained a 60% stake in the company and staff were offered a 7% share as part of the sale.