Trust Company posts $20m profit
Trustee, funds management and financial planning company Trust Company of Australia has posted an after tax profit for the first six months ended August 31, 2005, of $20.4 million.
Managing director Jonathan Sweeny said the majority of the profits could be pinned on strong inflows into its corporate services, will writing and private clients arm.
He said the financial planning business, which sits under the private clients arm and has close to 20 authorised representatives, had also performed well.
The successful corporate services division includes property and infrastructure custody for listed and unlisted trusts.
As for the Sydney-based company’s recent deal with Richard Branson’s Virgin Super, Sweeney said it was too early to call whether the deal would be profitable.
“Virgin Super is the kind of product that will take time to be profitable, choice of funds will take a while to wash with consumers,” he said.
Similar trustee arrangements with other super funds grew to be worth $11.4 billion, up 36 per cent on the previous year.
Trust said it expects to post a full year profit after tax of $18.5 million.
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