NEWS UPDATE: Cromwell posts record result
Paul Weightman
Despite current market conditions, property and funds manager Cromwell Group has reported a record 12-month result, generating a $70.8 million profit from operations in the year to June 30, 2008.
In a statement to the Australian Securities Exchange this morning, the group attributed the positive result to the strength of its $1.2 billion property portfolio, which benefited from the earlier sale of various assets that had reached full value.
“The decision to dispose of a number of assets at the peak of the market in 2007 has provided us with a secure capital base and a streamlined portfolio,” Cromwell chief executive Paul Weightman said.
The group has forecast full year earnings for 2009 to be in line with the 2008 results of 10.1 cents per stapled security, with a plan to make the most of the current market conditions.
“Our strategy will continue to be focused on maximising the value of our existing portfolio, providing the groundwork for a recovery in the funds management sector and taking advantage of opportunities provided by the softening market with selective accretive transactions.”
Recommended for you
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
Australian investors are more confident than their APAC peers in reaching their financial goals and are targeting annual gains of more than 10 per cent, according to Fidelity International.
Zenith Investment Partners has lost its head of portfolio solutions Steven Tang after 17 years with the firm, the latest in a series of senior exits from the research house.
