MFS flags HFA float
Property and tourism based funds manager MFS Group has reported an above expectations first half profit of $25.2 million, and signalled its intentions to dispose of a portion of subsidiary HFA Funds Management through a public float.
The $25.2 million dollar profit has put MFS, which last week announced it had entered into a $150 million acquisition contract with the world’s biggest aquarium manufacturer, well on track to meet its forecast for the full year of a $30 million profit.
MFS managing director Phil Adams said the board remained confident that the second half net profit would be at least as strong as for the first half of the year.
He said the better than expected result could be pinned on increased fund flows into all of the group’s core business units including its listed and unlisted property and equity funds.
MFS intends to complete the sale of part of its interest in specialist funds manager HFA through an initial public offering by the end of the current financial year.
Adams said MFS would retain a significant shareholding in HFA.
MFS has more than $4 billion in funds under management, close to $1.8 billion of which sits in HFA.
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