HFA reports strong results
Spencer Young
Global absolute return fund manager HFA Holdings has reported a full year net profit after tax of $35.2 million, but has declined to forecast on the year ahead due to the current volatile economic climate.
However, the company believes it is well positioned to meet the challenges of a volatile market due to the strength of its revenue and management fees in delivering profit combined with the growing interest among investors in alternatives.
“It is important to recognise that the major shift by investors away from traditional long-only investments and towards alternatives will continue for a number of years and the strength of the HFA and Lighthouse brands in their respective markets will ensure we benefit from this shift,” HFA chief executive Spencer Young said.
“We believe there are a number of opportunities to continue the outperformance of our core funds, with the possibility for material upside in fund performance and inflows during full year 2009.”
In terms of its performance for the year to June 30, 2008, the company’s revenue totalled $98.6 million, with total net inflows of $535.41 million and funds under management of $7.873 billion.
Recommended for you
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
