Due to recent market volatility greater opportunities exist to generate returns for the BT Multi-manager International Share Fund so we've introduced a new range of investment managers, selected not just selected for their individual capabilities and ability to deliver returns, but also for their complementary characteristics within the overall fund.

Do these changes affect you?
The following funds are affected by the changes.

• BTA0312AU BT Multi-manager International Share
• BTA0261AU BT Multi-manager International Share Fund (Wholesale Units)
• BTA0076AU BT Partner International Shares Value 1 Fund
• BTA0245AU BT Partner International Shares Value 1 Fund (Wholesale Units)

New investment managers
We're pleased to appoint the following new International shares managers

• Lazard
• Schroders
• Tradewinds

The new investment managers join AQR, MFS and Trilogy as investment managers in the BT Multi-manager International Share Fund.  With this new blend of managers we're taking advantage of the opportunity to distribute risk more evenly across the fund. Together, these managers create a fund that's better positioned to access market opportunities and returns.

Following a complete review of the international shares sector we also replaced the investment manager in the BT Partner International Shares Value 1 Fund, Bernstein with Tradewinds. We've made this change because we believe Tradewinds' investment approach and potential to generate greater returns for investors makes it a superior investment proposition for this fund.

Reviewing investment managers
Managing the managers is part of our philosophy. As such, we’ll continue to review the allocations for all our international shares managers and we’ll make adjustments as required to deliver the optimal selection and allocation of managers for the funds to continually meet and exceed its objectives.

You don’t have to do anything in response to these changes - we're committed to keeping you up to date, so keep an eye out for further updates.

If you have any questions about the changes or your investment in general, please speak to your financial adviser or call us on 132 135.