EQT reports solid half
Former TAL chief executive, Jim Minto has been added to the board of Equity Trustees (EQT) as the company reported a three per cent increase in net profit after tax to $7.2 million on the back of seven per cent revenue growth for the half-year to 31 December, last year.
EQT managing director, Mick O’Brien said solid underlying revenue growth and disciplined expense control had largely offset the costs of the business transition during the half.
“A 23 per cent increase in funds under management, strong growth in Corporate Trustee Services, improving momentum in Trustee and Wealth Services and tighter cost control reflect good underlying improvement in the businesses,” he said.
The directors declared a dividend for the half of 35 cents per share fully franked.
Commenting on the result, O’Brien pointed to the fact that the company’s restructure was nearing completion with the benefits expected to emerge in the second half of the current financial year.
He said the acquisition of Sandhurst Estates business announced during the half was in line with the company’s strategic growth plan and was expected to strengthen EQT’s presence in the market.
O’Brien said EQT was seeking to be the leading specialist trustee company in Australia and was well positioned for future consolidation in the industry.
“Our independence and clear focus means we can offer financial institutions the opportunity to provide their clients with specialist services, in an unconflicted manner,” he said.
Recommended for you
There is one specific risk that is a significantly higher concern for financial services directors compared to companies overall and is impacting their risk appetite, according to the AICD.
Global fund managers are shunning bonds, with the asset class seeing the largest drop in allocations in more than 20 years.
Australian Ethical has seen its funds under management reach $10 billion, driven by organic customer growth and superannuation contributions.
Financial advisers will have access to private equity investments run by WTW for the first time as it launches a pooled fund to provide savers with access to traditionally institutional assets.