Fiducian has posted a net profit of $5.3 million for the half, up by 7 per cent year-on-year, with the wealth group optimistic that it will grow with a recovering global and local market in the coming year.
During the six months leading up to December, revenue had increased by 14 per cent to $27.7 million.
Its funds under management, advice and administration (FUMAA) was up by 30 per cent to $1.9 billion. Fiducian saw net inflows of $92 million during the half, with both salaried and franchised advice networks contributing to the influx.
Advice acquisitions during the half saw an added $355 million in funds under advice to $3.14 billion.
Funds under administration on the Fiducian platforms were $2.23 billion, an increase of around 8.3 per cent over the six months.
Meanwhile assets in Fiducian funds sat at $2.8 billion, rising by 8.8 per cent over the six months.
Dividends for the half-year were up to 11.5 cents per share.
Fiducian noted both the global and Australian economies had slowed, with central bankers enacting rate cuts alongside fiscal stimulus in some cases.
“As a consequence, most major stock markets recovered from weakness and performed strongly in the last couple of months of the calendar year,” the company reported.
“A resolution to the US-China trade face-off should support risk assets further. It appears that the worst could be behind us and the markets are expected to show growth in the coming months.
“With this favourable background, the company intends to continue on its growth and expansion plans and deliver consistent earning increases.”
The ifa Excellence Awards are back in 2021 and nominations are now open! This prestigious accolade recognises exceptional professionals within the financial advice industry, shining a light on the outstanding achievements from the nation's best and brightest. If this sounds like you or someone you know, then nominate today for the ifa Excellence Awards 2021!
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].
A private global asset manager has announced the launch of small-cap fund in Australia. ...