Equity Trustees marks time on profit
Financial services group Equity Trustees barely held ground last financial year, reporting a static net profit after tax on the back of a stronger second half and growth in the private clients business.
The company reported a net profit after tax of $8 million for the financial year – precisely the same figure achieved in the previous 12-month period.
Commenting on the result, Equity Trustees chairman Tony Killen said it was pleasing given the continuation of market volatility, while managing director Robin Burns said the key performance metrics “illustrate the slowly improving operating conditions that we experienced during the year”.
Burns said all of the company’s business units had performed well in light of the specific factors each had faced in its sector, but that Equity Trustees was particularly pleased to note the continuing growth in the private client business.
“This augurs well for the company over the long-term given the level of demand forecast for high-net-worth wealth management in the future and the likely changes in the industry over coming years,” he said.
Burns referenced good growth in funds under management in most products, but said a changing mix in investors exposures resulted in a trend to lower market products – something the company believed was a cyclical issue.
AUTHOR
Mike Taylor
Recommended for you
In the latest episode of Relative Return Insider, hosts Maja Garaca Djurdjevic, Shane Oliver, and Keith Ford unpack the twists and turns of today’s markets – from credit rating agencies navigating global uncertainty to simultaneous dual IPOs.
In the latest episode of Relative Return Insider, host Maja Garaca Djurdjevic and AMP’s Shane Oliver break down US and Australian rate cuts, soaring gold, and bitcoin’s volatility.
In the latest episode of the Relative Return Insider, host Maja Garaca Djurdjevic and AMP’s chief economist Shane Oliver unpack the surprising twists in the Australian economy, diving into the latest GDP numbers, what’s really driving consumer spending, and what it all means for the Reserve Bank’s next moves.
In this episode of Relative Return, host Laura Dew chats with Roy Keenan, co-head of fixed income at Yarra Capital Management, to discuss the evolving fixed income asset class, his sector preferences, and the RBA’s rate-cutting policy.
