Equity Trustees happy with result
Equity Trustees has reported a better than expected first half result, but one that still amounted to a 10.8 per cent decline in net profit after tax of $3.7 million.
Commenting on the result, Equity Trustees chairman Tony Killen said the company was pleased with the result, which had been achieved despite difficult investment markets.
“The first half result was difficult given that the investment markets in the September 2009 quarter were much lower than the previous corresponding period,” he said. “It was only during the December 2009 quarter that investment markets moved ahead of the previous December quarter.”
Killen said that during the December 2009 quarter the company had also started to see more new business activity, including new responsible entity roles initiated by both local and overseas operators.
Looking towards the company’s full-year result, he said that in the absence of a major market correction the second half result should be solid.
AUTHOR
Mike Taylor
Recommended for you
A decade after being permanently banned from financial services, a former financial adviser will finally face court in WA following a failed bid to avoid extradition.
Adviser numbers have experienced their largest weekly loss year-to-date this week, doubling that of the previous week.
The number of advisers currently using or planning to use artificial intelligence in their practices has risen substantially to almost three-quarters of firms, according to Adviser Ratings.
Morningstar believes there is still further to run with the potential takeover of Insignia Financial even with original bidder Bain Capital walking away.
