Fiducian lifts underlying net profit 21%
Fiducian Group has reported a 21 per cent lift in underlying net profit to $10.5 million for fiscal 2018, achieved on the back of a $1 billion or 18 per cent rise in funds under management, administration and advice (FUMAA) to $6.7 billion.
The end-to-end financial services firm declared full-year dividends of 20 cents a share, up 25 per cent on the prior year. A fully franked final dividend of 11 cents per share was declared for the final half year.
“Fiducian Group has delivered over 20 per cent profit growth six years in a row. In fact, we have produced double-digit EPS growth in 14 out of the 18 years since being listed in the ASX,” chief financial officer, Rahul Guha said.
Executive deputy chairman, Indy Singh, said Fiducian is poised for continued growth, with management focussed on developing ways to realise the full potential for growth that has been built on the continued contribution from funds management, platform administration and financial planning.
“Having our own IT systems development business gives us a solid foundation to support our own financial services business, and we have just begun to commercialise our Fintech capability to offer SMA wrap services and financial planning software to the external market,” Singh said.
The firm said it has entered the popular SMA administration market and signed on its first client, with almost $30 million already transitioned over the past few months.
The commercialisation of FORCe, Fiducian’s financial planning software, has also begun for external financial planning businesses, it said.
Fiducian also said its multi-asset, multi-style approach to funds management continues to perform strongly, with all of its flagship diversified funds having achieved the rare distinction of being top quartile for each year measured over a ten-year period to 30 June 2018.
Recommended for you
As advisers risk losing two-thirds of FUA during the $3.5 trillion wealth transfer, two co-founders underscore why fostering trust with the next generation is vital to retaining intergenerational wealth.
As advisers seek greater insights into FSCP determinations, what are the various options considered by the panel and can a decision be appealed?
Amid the current financial adviser shortage, advice firm Link Wealth is looking to expand its financial literacy program for high school students across the country.
TAL Risk Academy has updated its range of ethics courses to help financial advisers meet their CPD requirements following adviser feedback, including interpreting FSCP determinations.
