One Asset Management firm increased their Assets Under Management (‘AUM’) by 40% between March 31, 2009 and April 2010. So what firm is posting such strong growth and what factors contributed to their success?
Background:
On March 31 of last year BB&T Asset Management had $2.2 billion of long-term mutual fund assets under management; by the end of April 2010 it had $3.1 billion, a growth rate over 40%. Increasing their mutual fund assets under management by such an impressive amount shows that besides strong performance returns, there are other ways to increase AUM.
Insight:
Recently profiled in an OnWallStreet article, “BB&T Mutual Fund Family Posts Huge Growth“, the director of distribution at BB&T Asset Management, Tony DeLucia, noted some factors that contributed to his firm’s success. In fact, there were two main contributors to the strong AUM growth:
- Increased consultant relationships, helping BB&T sell into Institutional channels such as Defined Benefit and Defined Contribution plans.
- Focus on building long-term relationships through internal and external wholesalers who help to influence the decision making process at regional brokerages, banks and clearing firms.
When strong performance is backed up by an investment and focus on marketing and sales staff, it goes to show that makes for a great combination that can lead to direct top and bottom line growth.
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