The wealth and trustee arm of MyState, TPT Wealth, has seen a slight increase of 1 per cent during the first quarter of financial year 2021, as the company targets national growth.
TPT Wealth saw a slight climb in funds under management during the first quarter, to $1.09 billion from $1.07 billion at the end of June.
Meanwhile the MyState banking and wealth group saw a 27.1 per cent rise in net profit after tax after structuring changes, compared with the prior corresponding period.
Chief executive Melos Sulicich said the group had followed its strategy to transform into a scalable digital banking and funds management business, attracting a growing number of retail customers across Australia’s eastern states.
“The operational efficiencies and the improvements we have made since then are now flowing through to the bottom line and setting us up for a very bright future,” Mr Sulicich said.
MyState rebranded its wealth subsidiary to TPT Wealth, from its former name Tasmanian Perpetual Trustees in December last year.
“We expect TPT Wealth funds to benefit from being more easily accessible on the mainland,” Mr Sulicich said.
“We will have our new trustee management system in place around the end of the year which will be the last technology plank in TPT’s transformation. We are making progress with improving our funds’ returns and differentiation and are excited by the prospect this presents to us.”
The group decided to axe the final dividend for financial year 2020, with the board signalling payouts are likely to resume after the first half of FY21.
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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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