Increase in FUM this quarter
Total funds under management, administration and advice (FUMA) had an overall increase of 5.2 per cent last quarter, reaching $2.15 billion as at 30 September 2010, according to data released by the wealth management advisory firm Plan B.
The company noted FUMA held on Plan B’s platforms as at 30 September increased by 4.5 per cent to $1.66 billion, representing more than three quarters of total FUMA.
Plan B said it benefited from the general improvement in global investment markets during the quarter and “remains well placed to expand from its existing financial base”.
Recommended for you
Unregistered managed investment scheme operator Chris Marco has been sentenced after being found guilty of 43 fraud charges, receiving the highest sentence imposed by an Australian court regarding an ASIC criminal investigation.
ASIC has cancelled the AFSL of Sydney-based Arrumar Private after it failed to comply with the conditions of its licence.
Two investment advisory research houses have announced a merger to form a combined entity under the name Delta Portfolios.
The top five licensees are demonstrating a “strong recovery” from losses in the first half of the year, and the gap is narrowing between their respective adviser numbers.
