Fiducian spends $1 million acquiring client portfolios
Financial services house Fiducian Portfolio Services Limited has revealed it has spent nearly $1 million in acquiring client portfolios in Sydney and Perth in the past financial year.
The company revealed the strategy this week, at the same time as announcing a 7.8 per cent increase in consolidated net profit after tax to $4.43 million and the delivery of a dividend of 5 cents per share fully franked, generating a full-year dividend of 10 cents per share.
At the same time as announcing its acquisition of client portfolios, the company noted that financial market volatility and political uncertainty had caused potential investors to defer long-term investment decisions, and instead focus on cash holdings - something which could prove to be short-sighted.
The announcement said the company had put in place marketing initiatives to explain the economic environment and encourage long-term investors to take advantage of market weaknesses.
Addressing the outlook for the company, Fiducian managing director Indy Singh said he expected it to remain profitable in the coming year, but said the political leadership needed to act decisively to bring back confidence to the investing public.
AUTHOR
Mike Taylor
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