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 major bank has announced additional charges of $525 million after tax in connection with increased provisions for its customer-related r...
The Commonwealth Bank has advised that it will begin a reimbursement process to current and former staff for lost wages from next week. ...
The major banks have seen their reputations significantly downgraded in an annual perception survey, with AMP placing last out of 60 Austral...