BT Investment Management (BTIM) has appointed two portfolio managers to its macro and income strategies teams as it considers recruiting a merger and acquisition specialist to attract would-be boutiques into its structure.

Jean-Luc Petit has joined the income strategies team as senior portfolio manager, reporting to Scott Osborne. He previously worked with QBE Insurance, where he managed $20 billion in global fixed income, and at HSBC in Paris as head of fixed income. Petit is a replacement for John Sorrell, who left in March to join the merged Tyndall-Suncorp fixed interest team.

The macro team has recruited Joel Guglietta as a portfolio manager. He last worked with HSBC in Hong Kong as a quantitative equities trader and global quantitative strategist. He reports to head of macro strategies, Joe Bracken.

The chief executive officer of BTIM, Dirk Morris, said Petit and Guglietta would add depth to the business.

Meanwhile, the manager is searching for a quantitative specialist “with PhD skills”, Morris said, and a resource with experience in mergers and acquisitions, possibly from the investment banking world, to monitor the market for appropriate boutiques to bring into the business.

BTIM is currently composed of four boutiques: equity, income, macro and multi-strategies.

The appointments of Petit and Guglietta follow 10 redundancies made by BTIM earlier in the year, including the role of national key account manager, Tony Gobbo, and fixed income portfolio manager Jim Chronis.

Amid this restructure, former head of quantitative analysis Simon Elimelakh resigned to joined Intech and former product managers Shirley Bowles (nee Tsang) crossed to AMP Capital Investors.

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