Fund manager Australian Ethical has announced a 21 per cent rise in funds under management of $3.42 billion for the financial year 2019 off the back of continued super membership growth.
Revenue arising from the increase in FUM was partially offset by the managed fund fee reductions implemented in October 2018 as the benefits of increasing scale are passed on to customers, Australian Ethical said in a statement to the ASX.
Net profit after tax rose 29 per cent to $6.5 million in FY19, while revenue increased 14 per cent to $41 million.
Australian Ethical also revealed positive net flows (excluding institutional) of $322.1 million in FY19, compared with $372.5 million in FY18.
It said the lower net flows in FY19 were due to lower super rollovers and reduced managed fund flows following volatile investment markets in the first half.
Meanwhile, membership reached 43,079 members in FY19, with funded members growing 11 per cent from the previous corresponding period.
“For over 30 years Australian Ethical has aimed to be the proof point that you can achieve strong investment returns while caring for the planet and society,” said Australian Ethical managing director Phil Vernon.
“We’re proud to continue to set the standard for ethical investing in this country.”
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