Fiducian's stronger half
Diversified financial services group Fiducian Portfolio Services has regained momentum following a challenging first half of 2009 to report a half-year profit of $1.850 million, down 8 per cent on the previous corresponding period but up 45 per cent over the previous half.
Fiducian managing director Indy Singh attributed the result to prudent management of overheads and staff and a debt-free balance sheet.
He said the group had not needed to resort to redundancies.
“We have not experienced the large outflows common to many in the industry as our investors seem reassured by Fiducian’s long-term approach to financial planning and selection of high quality, well-diversified investments, which have also contributed to this stability,” he said.
The stronger result has seen the Fiducian directors declare a fully franked interim dividend of 3.75 cents per share.
AUTHOR
Mike Taylor
Recommended for you
While the last several months have seen increased market volatility, particularly in the US, advisers said there are multiple reasons why there has been an increase in defensive asset flows.
Scarcity Partners believes the dynamics playing out in the managed account and outsourced chief investment officer market are “here to stay” based on positive developments in financial advice.
Former executive chairman of failed stockbroker BBY, Glenn Rosewall, has been charged with aiding, abetting, counselling or procuring BBY’s dishonest conduct in relation to a financial service.
Fidelity International research has revealed Australian investors are significantly more optimistic about the market outlook and feeling more comfortable than their APAC peers, despite ongoing market volatility.
