Count Financial remains acquisitive
Major dealer group Count is continuing to weather the global financial crisis with total funds under advice (FUA) having fallen by 24 per cent over the past 12 months but with the company’s Countplus continuing down the acquisition trail.
In its quarterly business report released on the Australian Securities Exchange today, Count said FUA in preferred platforms stood at $5.57 billion, down 21 per cent over the past 12 months, and that total FUA excluding direct property but including direct shares had fallen by 24 per cent.
It said combined funds and loans under advice stood at $13.78 billion, down 18 per cent over the 12-month period, but that in-force insurance premiums were up 22 per cent over the period.
It said Countplus had acquired an initial strategic interest in nine accounting firms to date, with the 10th expected to be settled at the end of May.
The company said the pipeline of prospective new investees was expected to result in several acquisitions over the next six months, with five ‘tuck-ins’ having also been completed by investee firms.
Commenting on its overall position, the company said it remained well positioned to benefit when markets resumed their long-term growth.
“The easing of adverse market conditions in more recent weeks has seen a slight improvement in Count’s FUA,” it said. “FUA in the BT/Westpac administration platforms saw a 2 per cent increase over the month of March.”
AUTHOR
Mike Taylor
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