Insignia has reported $201.3 billion in funds under administration (FUA) as of 31 December 2022, a reduction of $0.2 billion or 0.1 per cent compared to the previous quarter.
In a business update released on Wednesday, the firm said that positive market movement of $7.6 billion over the quarter was offset by Australian Executor Trustees’ FUA of $6.9 billion being divested, pension payments of $706 million and net outflows of $267 million.
Excluding the aforementioned divestment of Australian Executor Trustees, which was completed in November last year, Insignia’s FUA lifted by $6.7 billion or 3.4 per cent.
Meanwhile, funds under management (FUM) fell $6.9 billion or 7.6 per cent to $83.8 billion, with positive market movement of $775 million and retail net inflows of $160 million offset by the divestment of JANA’s $7.6 billion in FUM, along with institutional outflows of $191 million.
Insignia stated that it had entered into a binding share sale agreement to divest its remaining 45 per cent stake in JANA, which will now become wholly management-owned.
Excluding the sale of JANA and the transition of responsible entity for JANA’s implemented consulting clients from MLC Investments to an alternative provider, Insignia saw a $0.7 billion or 0.9 per cent increase in its FUM.
“Insignia Financial continues to see improvement in platform flows, with net flows in the first half $0.8 billion higher than the same period last year,” commented Insignia CEO Renato Mota.
“Pleasingly, this improvement is most observable across the acquired MLC and P&I platforms, which were historically seeing significant outflow. Platform inflows were $4.7 billion during the quarter, including $2.7 billion in the advised channel, highlighting the attractiveness and competitiveness of our contemporary, go-forward offerings.”
Insignia is due to release its 1H23 results on 23 February.
