Allco targets $2 billion FUM growth
Allco Finance Group is targeting growth of more than $2 billion in new funds under management (FUM) by the end of the 2006-07, following its merger with Record Investments on July 1, this year.
The global fund manager and financial services group is also projecting an overall 20 per cent growth in earnings per share (EPS) for the 2006-07 financial year, based on the merged entity’s pro-forma EPS for 2005-06.
Allco executive chairman David Coe is confident the merger will deliver a diversification of income and an increasing contribution from annuity based income.
He said the integration of the businesses is complete, putting in place a “solid foundation to support future growth through investment and acquisition in core and new asset classes”.
“It’s involved a strategic transition from a passive yield-based investment vehicle to a diversified financial services business focusing on origination, funds management and asset management.”
Coe said the group had in fact invested in a range of existing and new asset classes since the merger, including the acquisition of the Exchange Centre in Sydney.
He added that there was a solid pipeline of activities and initiatives across all businesses and regions, facilitated in part by favourable market conditions.
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