On Tuesday, 26 April, Insignia Financial, formerly IOOF, reported total funds under administration (FUA) of $220.3 billion; a $6.7 billion reduction on the last quarter on the back of “unfavourable market movements” of $5.7 billion, however net outflows were up by $0.3 billion.
Funds under management (FUM) also fell slightly by 1.9 per cent on the last quarter to $96.9 billion. Net retail inflows came in at $378 million which were offset by institutional outflows of $46 million.
Group funds under management and administration (FUMA) was reported to be $317.2 billion, down $8.6 billion (2.7 per cent), which Insignia said was impacted by market volatility.
“It has been pleasing to see continued improvement in net flows over the past nine months, reinforced in these quarterly results,” Insignia CEO Renato Mota said.
“Net inflows from workplace super, advised platforms and asset management were delivered against the backdrop of increased market volatility and geo-political uncertainty.
“We continue to enhance our offerings to our enlarged community of clients, while delivering integration on simplification initiatives, for the benefit of clients, members and shareholders.”
On the advice front, Insignia reported 1,682 planners in its network as at 31 March 2022; a reduction of 83 advisers.
Insignia said the drop was “primarily through the loss of smaller practices in the self-employed channel” which also fell by 28 to 452 at the end of March.
The company added that the new operating model will “reflect the removal of previous subsidies” and is predicted to result in the reduction of approximately 30 adviser roles, with no expected impact on revenue.
