MFS sets big target
Queensland-based financial services group MFS has announced it is targeting at least $10 billion of fee paying assets under management by June 30 next year despite recent equity market volatility.
In an announcement on the Australian Stock Exchange today, the company said its record result for 2006-07 had been due to growth in the company’s assets under management, which had increased by more than 75 per cent to $5.26 billion.
While the company outlined a number of initiatives relating to its tourism-related business, it also expressed a commitment to grow its funds management business over the next two to three years.
MFS chief executive Michael King said the company was confident about the next two years and saw far more opportunities than challenges.
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.
