Keybridge deflates Mariner result
Mariner Financial Group has weathered market volatility to produce a $2.2 million profit for the six months to December 31, excluding what it described as the mark-to-market effect of its shareholding in Keybridge Capital Limited.
It said including the unrealised mark-to-market effect of Keybridge Capital Limited, the net loss after tax was $13.9 million.
Keybridge Capital was formerly known as Mariner Bridge Investments and is majority owned by Mariner.
Commenting on the results, Mariner executive chairman Bill Ireland said the company was confident that transactions currently being constructed would generate profit and value added outcomes over the next six months.
Looking over the horizon, the company said its overall corporate objective was to grow assets under management to increase recurring management fees.
It said that amid the current market volatility it would continue to focus on sourcing assets through third-party and joint venture equity.
AUTHOR
Mike Taylor
Recommended for you
Licensee Centrepoint Alliance has completed the acquisition of Brighter Super’s annual review service advice book, via Financial Advice Matters.
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.
