IOOF FUMA declines
Funds manager and Perennial parent IOOF Holdings Limited has reported another significant decline in funds under management and administration (FUMA).
IOOF reported to the Australian Securities Exchange that it had suffered a $1.9 billion fall in FUMA in the September quarter.
It said FUMA as at September 30, 2008, were $27.5 billion compared to $29.4 billion at June 30, 2008.
AUTHOR
Mike Taylor
Recommended for you
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With wealth management M&A appetite only growing stronger, Business Health has outlined the major considerations for buyers and sellers to prevent unintended misalignment between the parties.
Industry body SIAA has said the falling number of financial advisers in Australia is a key issue impacting the attractiveness and investor participation of both public and private markets.
