Australian Ethical issues upgraded profit forecast
Australian Ethical has upgraded its profit forecast, posting that its underlying profit after tax (UPAT) for the 12 months ending 30 June will be between $6.4 and $6.6 million, representing a mid-point increase of 30 per cent on the 12 months ended 30 June, 2018.
Without the performance fee the range would be between $5.95 and $6.15 million, a midpoint increase over the previous 12 months of 21 per cent, the firm said. This would be at the upper end of the range advised on 17 April.
Australian Ethical said that this earnings guidance was based on unaudited management accounts and was subject to finalisation of the audited statutory accounts and included an after tax performance fee of $0.45 million paid to Australian Ethical in its capacity as the responsible entity of the Australian Ethical Emerging Companies Fund.
AUTHOR
Oksana Patron
Recommended for you
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
Australian investors are more confident than their APAC peers in reaching their financial goals and are targeting annual gains of more than 10 per cent, according to Fidelity International.
Zenith Investment Partners has lost its head of portfolio solutions Steven Tang after 17 years with the firm, the latest in a series of senior exits from the research house.
