Profitable Treasury Group to lose CFO
Listed funds management holding company Treasury Group has cashed in on its involvement with long-time partner Investors Mutual, and more recent connections to Orion Asset Management and Confluence Asset Management, to post a 98 per cent increase in after tax profit to a record $12.5 million.
In releasing its annual results last week, the group also announced that current chief financial officer Robert Kipp had resigned and would be replaced in the role by former Ronin Funds Management chief financial officer Joseph Ferragina.
Funds under management by Treasury Group, which currently stand at $8.7 billion, have at least doubled each 12 months since the group was established eight years ago by outgoing chair Lee laFrate. This year was no exception, with funds increasing by 71 per cent.
Contributing most to the growth was fund manager Investors Mutual, with funds from the group now exceeding $5.5 billion, which Treasury Group said was reached by the end of last financial year thanks to robust returns on local investment markets and strong backing from planners.
The group’s latest venture, Treasury Asia Asset Management (TAAM), will manage funds from September 25, with former Credit Suisse Asset Management Australian and Asian equities boss Peter Sartori holding a majority of the 60 per cent staff stake, with Treasury Group owning the rest.
LaFrate will be replaced as chair by board member Mike Fitzpatrick at the company’s next AGM.
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