IOOF FUMA up 19%

 — 1 minute read

IOOF has posted a year-on-year increase of 18.7 per cent in its funds under management, advice and administration (FUMA) to $149.5 billion.

The company’s FUMA grew by $23.6 billion for the 12 months leading up to 30 June, or by $7.5 billion (5.9 per cent) when excluding ANZ Wealth aligned dealer group funds under advice acquired during the year. 

Despite growth in other segments, IOOF’s investment management saw a $181 million outflow during the last quarter, compared to a $130 million inflow in the prior corresponding period (pcp). The investment management segment saw a net $630 million outflow for the 12 months leading up to 30 June, with $22.8 billion in FUMA. 


IOOF cited gains from new advice relationships partially offset by redemptions associated with pension payments, totalling $1.7 billion. 

Portfolio and estate administration on the other hand had $561 million net inflow for the quarter, in contrast to a $666 million net inflow in the pcp. For the year, it had a net inflow of $1.4 billion, posting $43.7 billion in FUMA.

The financial advice division recorded $432 million net inflow in the June quarter, down from a $2.5 billion net inflow in the pcp that had included a one-off large client transfer of $2 billion. For the year, the segment saw a net inflow of $520 million, finishing with $66.7 billion in FUMA.

IOOF chief executive Renato Mota noted it had been the best quarter for inflows recorded across the group’s platforms and financial advice businesses since June last year. 

“In a year which has seen the reputation of the sector challenged, many of our competitors have suffered significant net outflows,” Mr Mota said. 

“IOOF’s emphasis on the value of financial advice, putting our clients first and resettling our organisational culture has translated into strong business performance for the quarter.”

The company launched its Insignia Wrap range earlier this year, which has reached more than $5.6 billion in funds under advice in the eight months since it launched. 

“As an advice-led business, supporting a broad range of platform solutions for our clients and advisers ensures we continue to adapt to the evolving market. This sets us apart from our peers,” Mr Mota said. 

Ex-ANZ wealth aligned dealer group flows were impacted by the departure of one practice which was acquired by a third party. IOOF said although related funds under advice were $1.3 billion, the exit of the practice did not have a significant impact on licensee revenue.

The company also snapped up Bendigo and Adelaide Bank-owned Bridges Financial Planning earlier this year for $3 million.


IOOF FUMA up 19%
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Sarah Simpkins

Sarah Simpkins

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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