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IOOF advice businesses hit $1.3bn

IOOF's advice businesses saw $1.3 billion in total net inflows in the 2016 financial year, thanks to strong inflows from the Ord Minnett and Shadforth dealer groups, the group said.

According to an announcement on the ASX, IOOF achieved positive net flows of $500 million in funds under management, administration and advice (FUMA) for the fourth quarter of the 2016 financial year. 

Total FUMA for the full year clocked in at $104.1 billion, slightly down from the year before. Funds under supervision were $27 billion, down from $29 billion in FY2015.

Net positive flows into IOOF’s advice businesses came in at $339 million for the fourth quarter. Investment management flows were impacted by transition platform movements and a “one-off friendly society benefit payment”, the statement said.

ifa reported in June that IOOF had successfully transitioned to its Pursuit platform, transferring nearly 40,000 client accounts and $7.1 billion from The Portfolio Service platform.

“Our advice and flagship platform businesses have demonstrated sustained organic growth,” said IOOF managing director, Christopher Kelaher.

“With consolidation of our flagship platforms completed in June 2016, we are in a strong position to continue with this momentum into the next financial year.”