Equity Trustees lifts profit 13.8 per cent
Equity Trustees (EQT ) has delivered a solid six-month result, with net profit after tax rising 13.8 per cent to $4.4 million to result in an interim dividend of 42 cents per share.
Commenting on the result, Equities Trustees chairman Tony Killen said he was particularly pleased that the company had achieved both organic revenue growth and improved margins.
He said the company's recent acquisitions and other strategic initiatives had also contributed, including the restructuring of the business into two focused units — Private Wealth Services and Corporate Financial Services.
Equity Trustees chairman Robin Burns said the company had started the second half positively underpinned by strong growth in funds under management and administration (FUMA).
He said that over the past 12 months FUMA had grown in excess of 30 per cent to $28 billion.
Burns also commented on the company's takeover bid for Trust Company, saying the market had responded well to the announcement.
"It is not just our view but also that of market observers and many of the interested shareholders with whom we've now spoken, that this takeover offer makes compelling strategic sense for both EQT and Trust Company," he said.
Recommended for you
In this episode of Relative Return, host Laura Dew speaks with Andrew Mitchell, director and senior portfolio manager at Ophir Asset Management, about why he loves working in fund management and the lessons he’s learnt in a decade of running a firm.
In this episode of Relative Return, host Laura Dew speaks with Blackwattle Investment Partners managing director and chief investment officer, Michael Skinner, about setting up an asset manager and what he looks for in an investment team.
In this special episode of Relative Return, Momentum Media’s Phil Tarrant and Jordan Coleman discuss the publishing house’s expansion into greater coverage of the wealth management space.
In this episode of Relative Return, host Maja Garaca Djurdjevic speaks with Riley James, founder and chief executive of fintech SuperAPI, about creating a superannuation ecosystem and potential changes from the Quality of Advice Review.