A successful merger with Lighthouse Investment Partners helps HFA exceed full-year targets and report a solid 2008 result.
Global absolute return manager HFA has reported record full-year earnings, boosted by a successful merger with Lighthouse Investment Partners LLC (LHP).
HFA reported a net profit after tax for the year to 30 June 2008 of $35.2 million, up 73 per cent on the previous year.
The result included nearly six months trading for US-based LHP.
"The merger with Lighthouse has given us increased scale, diversity and skills to deal effectively with the ongoing market upheavals, by maintaining positive net inflows and ensuring our products continue to outperform the market," HFA chief executive Spencer Young said.
The addition of LHP Investment funds also meant funds under management were up 244 per cent to $7.873 billion, and assets under management showed an increase of 141 per cent to $9.365 billion.
HFA reported total net flows of $535.41 million.
"By focusing on our core strengths of investment management and product distribution we have been able to deliver in excess of our guidance for FY08 and are well-placed to meet the challenges of the future," Young said.
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