Insignia Financial’s funds under management and administration (FUMA) increased by $3.7 billion or 1.3 per cent in the fourth quarter of FY23 to $295 billion.
In a business update to the ASX on Thursday, the firm said it had achieved its positive net inflows target for FY23 – total net inflows for the quarter were $65 million – bringing full-year inflows to $667 million on a continuing basis.
“We saw continued momentum in flows delivering positive net inflows across both our platform and asset management businesses,” commented Insignia chief executive Renato Mota.
Insignia had $209 billion in funds under administration (FUA), up 1.7 per cent or $3.5 billion, thanks to positive market movement of $4.3 billion combined with net inflows of $19 million for the quarter.
However, the firm said this was partially offset by pension payments of $782 million.
Meanwhile, funds under management (FUM) grew by $183 million to $85.9 billion, thanks to positive market movement of $1.6 billion combined with net inflows of $46 million.
According to the firm, this was reduced by $1.5 billion as a result of transfers between OnePath OptiMix and IOOF MultiSeries products.
Insignia’s Workplace Super offering delivered positive net inflows of $648 million during the quarter, bringing full year net inflows to $2 billion.
The firm also noted that its advised platform saw improved flows during the quarter, with net outflows reducing to $180 million.
“Since completing the acquisition of MLC in May 2021, our priority has been the safe and timely integration of MLC and the creation of Insignia Financial. This has resulted in the accelerated delivery of benefits aligned to management’s original three-year plan,” Mr Mota said.
Looking forward, Mr Mota said the 2024 financial year represents the final year of the “three-year horizon”.
“Our update today reflects the strong progress we have made in delivering to our strategic priorities as we continue to simplify the business.
“Through the transformational initiatives announced, we are well positioned for opportunities ahead as we build a business that is adaptable and aligned to our ambition to improve financial wellbeing for all Australians,” Mr Mota concluded.
Further details, along with Insignia’s FY24 outlook, will be released with its FY23 results next month.
