Australian Unity doubles funds under advice
Australian Unity's Personal Financial Services division doubled its funds under advice (FUA) during 2011-12, bringing it to just under $2 billion.
According to the company's annual report, FUA increased by 91 per cent to $1.96 billion in 2011-12 compared to the previous year's $1.02 billion.
The number of advisers at Australian Unity also rose by 54 per cent to 109 at 30 June 2012. Adviser numbers have more than doubled since 2010, according to the report.
"Strong organic growth of the business was complemented by the acquisition of a majority interest in Certainty Financial, which has substantial revenue and funds under advice," said the report.
Personal Financial Services posted a full-year loss before interest, tax, depreciation and amortisation of $2.64 million in 2011-12 - an improvement on last year's $4.56 million loss.
"Personal Financial Services is on track to produce a maiden annual positive result in the year to 30 June 2013, as forecast in last year's annual result," said the report.
The number of accountant firms in the Personal Financial Services referral program also increased by 48 per cent to 242 at 30 June 2012.
Australian Unity as a whole (including its funds management and healthcare divisions) posted a net profit after tax of $22.3 million, down 12.8 per cent on the previous year.
The company saw revenues of $1.12 billion, up 10.6 per cent on 2010-11. Funds under management were $12.2 billion, up 2.5 per cent.
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