Inflows boost Merc profit
Strong inflows into Mercantile Mutual’s managed funds has helped lift the group’s operating profit after tax up 23 per cent to $70 million for the six months to the end of March.
Strong inflows into Mercantile Mutual’s managed funds has helped lift the group’s operating profit after tax up 23 per cent to $70 million for the six months to the end of March.
A 58 per cent hike in managed funds inflows fuelled a 10 per cent rise in total funds inflow to $3.6 billion for the six months to March 31. Merc now has just un-der $30 billion under management.
The strong growth in inflows produced a 14 per cent rise in after tax profit from life and funds management operations to $60 million, making up 90 per cent of the group’s net profit.
AUTHOR
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.
