IOOF Holdings inflows on the up
The picture of a positive third quarter continues to evolve with IOOF Holdings revealing funds under management, administration, advice and supervision (FUMAS) has increased by $6.3 billion.
As at September 30, 2009, IOOF’s FUMAS was $102 billion, up from $96.6 billion as at June 30, 2009. Its investment management segment rose 14.8 per cent while its platform business rose 10.2 per cent.
All major platforms, excluding Global One, posted positive net flows. On an annualised basis, IOOF has seen redemption rates fall across the business.
The group stated that flows for its major platform and investment management businesses, and the related client referral mechanisms, continued to return to normal activity levels.
The group is also enjoying good times in the investment management space as Perennial Investment Partners won a number of wholesale mandates over the same quarter.
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