Powered by MOMENTUM MEDIA

Fiducian posts strong FUMAA growth in Q1

 — 1 minute read

Fiducian's funds under management, advice and administration (FUMAA) hit $11 billion as at 30 September. 

Fiducian experienced growth in FUMAA of $600,000 in the first quarter of this financial year to $11 billion, the fund manager said in a voluntary disclosure to the ASX on Thursday. 

Fiducian ended the financial year with FUMAA of $10.4 billion, an increase of 30 per cent from a year earlier. 

Advertisement
Advertisement

The fund manager's net inflows for the financial year grew by 5 per cent to $228 million, while net revenue from ordinary activities increased by 6 per cent from $40.2 million to $42.8 million.

Underlying net profit after tax rose by around 11 per cent from $12.725 million to $14.131 million over the same period. 

Funds under advice also received a considerable $0.7 billion boost to $3.7 billion due to acquisitions of financial planning businesses, increases in net inflows and rising financial markets. 

Going forward, executive chairman Inderjit Singh acknowledged that some adjustments may be made to the funds under advice figure due to "erstwhile" grandfathered clients not renewing their engagement with a financial planner.

"Our focus will remain on generating inflows through organic and inorganic growth which is aided through new and efficient methods of telecommunication and video conferencing being used to assist financial planners in practice development, marketing, financial planning software training and investment products and strategies," Mr Singh said. 

Mr Singh confirmed that, overall, the board's aim remains to build scale and deliver consistent double-digit earnings growth in coming years. 

 

Fiducian posts strong FUMAA growth in Q1

Fiducian's funds under management, advice and administration (FUMAA) hit $11 billion as at 30 September. 

investordaily image
investordaily image
ID logo
Maja Garaca Djurdjevic

Maja Garaca Djurdjevic

Maja's career in journalism spans well over a decade across finance, business and politics. Now an experienced editor and reporter across all elements of the financial services sector, prior to joining Momentum Media, Maja reported for several established news outlets in Southeast Europe, scrutinising key processes in post-conflict societies.

 

related articles

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.