Australian Ethical has released its guidance for the 12 months leading up to June, expecting its full year underlying net profit after tax to be almost 20 per cent higher than the year before.
The wealth management firm is expecting its underlying NPAT for the year to be in the range of $5.7 million to $6.2 million, an increase of 19 per cent year-on-year.
Australian Ethical increased its funds under management (FUM) by 10 per cent to $3.13 billion for the quarter ending 31 March, up from $2.85 billion as at 31 December.
The firm said the increase was predominantly driven by strong market movements.
Managed funds came to $1.06 billion in FUM, up by 10 per cent with $10 million in net flows.
In superannuation products, FUM increased by 9.5 per cent to $2 billion, with $60 million in net flows.
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
You can contact her on [email protected].
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