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Equity Trustees FUMAS up 19%

The trustees services firm has reported a “strong” earnings increase in profits.

Equity Trustees’ holding company, EQT Holdings Limited, has confirmed a 19 per cent jump in funds under management, administration and supervision (FUMAS) from the previous quarter to $152 billion.

Furthermore, revenue was also up 16 per cent to $55.9 million, after it reported $48.3 million on prior comparative period (pcp), as was net profit up 29 per cent on pcp to $12.7 million.

Equity Trustees chair Carol Schwartz AO has accredited the firm’s strong funds growth to its focus strategy.

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“Our independent model is becoming the preferred industry standard, and our investment in the business is delivering for all stakeholders,” Ms Schwartz said.

Managing director Mick O’Brien added: “Now at more than $150 billion, FUMAS continues to grow due to the strength of the group’s core business and the substantial investment we are making in people and technology.

“All our businesses are benefiting not only from the growing demand for the independent trustee model, but also recognition of our expertise in an increasingly intense regulatory environment.”

Operating expenses were contained at $36.1 million which Mr O’Brien said allowed revenue growth to “largely flow to the bottom line”.

“We continue to benefit from demographic, regulatory and structural tailwinds, while new business initiatives and potential opportunities in adjacent markets provide further upside,” he said.

“Our balance sheet remains strong, with low gearing, a strong regulatory capital position and sufficient funding capacity should this be required.

“The outlook is positive.”

Equity Trustees FUMAS up 19%
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Neil Griffiths

Neil Griffiths

Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.

Neil is also the host of the ifa show podcast.

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