Financial services firm IOOF Holdings said its funds under management, administration, advice and supervision (FUMAS) rose in the September quarter as markets edged higher and its platforms posted positive net flows.
FUMAS increased 3.2 per cent to $102.3 billion in the three months, up from $99.1 billion in June, the company said yesterday.
Market movement was the main contributor, adding $3.4 billion to the overall figure.
The S&P/ASX 200 Index jumped 8.04 per cent in the September quarter, while the MSCI World ex-Australia Accumulation Index in Australian dollars lost 1.08 per cent.
Specifically, IOOF’s platforms added $133 million to FUMAS, while its advice businesses contributed $115 million and investment management added $48 million.
“Pleasingly, all flagship platforms continue to post positive net flows, as well as enjoying positive market movement,” IOOF said.
“This overall positive flow position has been tempered by some continued outflows in the Global One and transition platform business, all of which are within expectations.”
Global One experienced outflows of $197 million, while there were $86 million of outflows from products closed to new business.
IOOF decided to shut down the Global One platform in January 2010. The firm had gained the platform through its purchase of Skandia Australia in March 2009.
“The transferring of our Global One customers to the IPS and Spectrum Super platforms will allow us to focus on reducing costs over the longer term, improve overall efficiencies, better service our customers and continue to enhance our product offering,” IOOF managing director Chris Kelaher said at the time.
The group’s flagship platforms include Pursuit, TPS and Spectrum Super, while its major advice businesses are Bridges and Consultum.
IOOF’s investment management businesses include Perennial Investment Partners, United Funds Management and MultiMix.
