Wilson HTM profits still in negative territory

wealth-management/wealth-management-business/funds-management/equity-markets/

30 August 2013
| By Staff |
image
image
expand image

Investment group Wilson HTM has posted a net profit loss of $1.6 million, with the group's revenue figures also taking a hit. 

The result, however, is an improvement on last year's loss of $7.6 million. 

The group's securities business, which comprises capital markets and wealth management, continued to be negatively impacted by volatile equity markets and cautious investor sentiment, according to acting CEO Sandy Grant. 

The group's strong performance in funds management, notably from Pinnacle and its boutique fund managers, was extremely pleasing, Grant said.

"The group weathered a number of challenges in the 2013 financial  year and, in this context, the lower loss for the full year and recording a profit after tax for the [second half of 2013 financial year] represents a positive trend," Grant said. 

"However, the securities business' performance remained at unsatisfactory levels and steps are being taken to accelerate the return to profitability of this business. 

"We are currently working to further simplify the business, to reduce costs and broaden the engagement of key staff in leadership activity." 

Wilson HTM's wealth management business delivered a loss of $4.6 million, which was reflected in funds under management being 12 per cent lower, on average, compared with the prior year.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

4 months 1 week ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

4 months 2 weeks ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

6 months 2 weeks ago

Commonwealth Bank has formally dropped to zero advisers following LGT Crestone’s acquisition of its advice arm – some six years on from the Hayne royal commission. ...

1 week 3 days ago

ASIC has banned a former NSW adviser from providing advice for 10 years for investing at least $14.8 million into a cryptocurrency-based scam. ...

3 days 20 hours ago

ASIC has issued a warning to financial advisers to ensure they are complying with client consent requirements when entering into ongoing fee arrangements....

1 week 2 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
92.15 3 y p.a(%)
3