Listed financial services firm Snowball said its first half 2011 profits grew partly thanks to the acquisition of the Symetry Portfolio Service platform’s revenue rights.
Underlying net profit after tax improved 10 per cent on the first half of 2010 to $3.4 million, Snowball said yesterday.
“Our diversified business model has delivered a strong result in the first half of 2011,” the group’s managing director Tony McDonald said.
“Our acquisitions have performed well, enabling us to reinvest in the business, which in turn assists us to invest to enhance our advice business models and dealer services offering.”
“We are going into the second half of 2011 with momentum, in relation to both our operations and our acquisition pipeline. From such a sound base, we are confident of a strong result for the full year,” he said.
Snowball also announced that it acquired all of the equity in its subsidiary Western Pacific Financial Group’s (WPFG) Cleveland practice as part of its commitment to provide effective succession planning for WPFG practices and principals.
WPFG Cleveland has eight advisers with $420 million in funds under advice, and will remain licensed to WPFG.
McDonald said that Snowball is in the process of enhancing the segmented advice offer and client experience with an expected launch date in April 2011.
“This offer will also encompass integrated portfolio management and administration solutions, and is central to enhancing Snowball’s organic growth and framing our response to regulatory reform,” he said.
In September 2010, Snowball announced that it entered into a strategic portfolio administration partnership with CFS Custom Solutions and acquired the revenue rights in the Symetry platform, which is owned by the Commonwealth Bank of Australia and managed by CFS.
CFS Custom Solutions was previously known as Avanteos.
