Magellan Financial Group has announced a net profit after tax of $174.3 million for the 2014-2015 financial year – up from $82.9 million in the previous financial year.
Sydney-based fund manager Magellan has reported a net profit of $174.3 million and funds under management of $36.4 billion.
Magellan's funds under management is up 55 per cent on the previous financial year.
Diluted earnings per share are up 108 per cent to 101.8 cents, and dividends (interim and final) are up 96 per cent to 74.9 cents per share, fully franked.
The fund manager's cost-to-income ratio (excluding performance fees) decreased to 24.8 per cent compared with 26.7 per cent in 2014-15.
Magellan chief executive and chief investment officer Hamish Douglass put the result down to the scalability of the company's business model, as well as the strong investment performance of the firm's managed funds.
"We continue to build our business in the Australian market with substantial progress made in penetrating the aligned advisory market, entering into arrangements with AMP and BT/Westpac," Mr Douglass said.
"We have also strengthened our relationships with investment advisers across Australia, with around 9,500 financial advisers using Magellan funds.
"We are also pleased with the development of our international institutional funds management business, particularly in the United States and the United Kingdom. We now manage $22.7 billion for international institutional clients," he said.
The National Australia Bank has announced that it will pay out over $310 million to customers impacted by its wealth business. ...
New research has found the consequences that fees can have on an investment and how higher fees do not necessarily correlate with performanc...
A new fund based on a long-running strategy from asset manager Insight Investment has been added to the Macquarie Wrap platform. ...