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.
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.
Growth of $600K???? why on earth would you ‘voluntary disclosure’ this abysmal ‘growth’ number? Even your aligned distribution clearly doesnt like the product…. get out now.