Certitude FUMA down 15 per cent
Certitude Global Investments' assets under management and advice fell by 15 per cent over the past 12 months to $1.09 billion, according to the announcement released by its parent, HFA Holdings.
HFA chief executive officer Spencer Young said conditions in the Australian retail funds management market continued to provide challenges for the Certitude business, but added the company's board had developed a strategy for delivering value to its product investors, and ultimately, HFA shareholders.
"Certitude continues to build a range of long-term partnerships, and recently entered into a partnership with international asset manager Threadneedle to provide access to its products to retail and high net worth investors in Australia," Young said.
"The Australian business will continue to focus on distribution with its new partner Threadneedle, along with existing products available via Lighthouse Partners and Marshall Wace GaveKal, while continuing to identify additional partners to further grow its product range," he added.
HFA Holdings announced its full year results on the Australian Stock Exchange, noting that Certitude's fund flows were affected by the withdrawal window offered by the HFA Diversified Investments Fund.
"Withdrawal restrictions were removed from the fund in June 2011, and subsequently, redemptions from the fund have reduced significantly," the company added.
HFA reported net profit of $5.5 million, which presents a 30 per cent increase from the previous financial year.
According to its announcement, HFA prides itself in reducing corporate debt from $103.3 million on 30 June 2010 to $28.3 million as at 30 June 2011.
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