Allco grows profit and FUM
Allco Finance Group, which includes the former Record Investments, has increased funds under management to $4.3 billion at the same time as announcing a net profit of $96.9 million for the year ended June 30.
Delivering the company’s year-end results today, Allco Finance executive chairman David Coe said Record’s solid performance had been underpinned by further significant growth in investments across its core asset classes and continued diversification of its portfolio.
He said total investments by Record grew from $799 million to $1,202 million, representing a 50.4 per cent increase.
Looking at the funds management and property division, Allco’s results showed funds under management had increased to $4.3 billion, with several new investment funds having been launched, including the Allco Max Securities and Mortgage Trust, the First Pan-Asian property Trust and the Allco Wholesale Property Fund.
The company said adverse market movements had seen Allco’s cornerstone investment in the Allco Commercial real estate investment trust suffer unrealised mark to market losses of $10.6 million, albeit that stock price appreciation since the end of the financial year had seen a significant price recovery, reversing approximately $6 million in the unrealised loss.
AUTHOR
Mike Taylor
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