IOOF has credited a few of its top dealer groups with driving positive net flows into its advice businesses during the December 2015 quarter.
In a statement on the ASX, the financial services group said it achieved net flows of $232 million thanks to strong flows from Shadforth, Lonsdale and Ord Minnett. Funds under advice and distribution stood at $49.4 billion, up from $47.7 billion a year ago.
In addition, IOOF reported that net flows to its platforms hit $32 million during the same quarter, bringing its funds under platform management and administration to $34.5 billion, up from $33.6 billion for the same time last year.
IOOF's investment management business experienced little growth, with its funds clocking in at $19.6 billion, only slightly more than last year's $19.3 billion.
The group's managing director, Christopher Kelaher, said this "subdued" quarter was a result of IOOF selling its interests in two Perennial investment management boutiques to Henderson Group. These include Perennial Fixed Interest Partners and Perennial Growth Management.
"Our advice businesses are performing well and our flagship platforms are demonstrating consistent growth," Mr Kelaher said.
"We have significantly reshaped our investment management business with the divestment of the Perennial boutiques to focus on our core multi-manager offering."
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 22 Jun 2018AMP chair urges RC to not to restrict business modelsBy Reporter
- 22 Jun 2018David Murray takes reins as AMP chairmanBy Reporter
- 22 Jun 2018Fitzpatricks announces new licensee bossBy Aleks Vickovich
- 21 Jun 2018AFSL regime stifling client-centric advice: FPABy Killian Plastow
- 21 Jun 2018Henderson Maxwell to merge with AZ NGA firmBy Aleks Vickovich
- 21 Jun 2018Aon caught lying about Dover licensing offerBy Aleks Vickovich
- view all