Advice and distribution grow for IOOF
IOOF has recorded strong inflows in the first quarter of 2013, with the contribution from its advice and platform segments increasing over the last few months.
The financial services firm announced its funds under management, advice, administration and supervision (FUMAS) was $120.9 billion as at 31 March 2013, which compares to the $116.4 billion figure from December 2012.
“Positive funds flow of $130 million in the advice segment included a significant contribution from DKN-badged products,” the company sated.
IOOF’s financial advice segment now has more than $30 billion under management – a figure which has steadily grown since June 2012.
Net inflows to the platforms were $102 million for the quarter.
“This was assisted by improved retention in Global One and transition platforms, which are largely closed to new investors, and positive early traction in providing administration services in the self-managed superannuation market,” IOOF stated.
The company’s platform segment now has more than $28 billion under management, while investment management and funds under supervision are at $30.4 billion and $32.7 billion respectively.
Recommended for you
The month of April enjoyed four back-to-back weeks of growth in financial adviser numbers, with this past week seeing a net rise of five.
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With the election taking place on Saturday (3 May), Adviser Ratings examines how the two major parties could shape the advice industry in the future.
