NEWS UPDATE: Wilson HTM advisory revenue declines
Publicly-listed financial services house Wilson HTM is feeling the effects of market volatility, with a significant decline in advisory revenue despite an increase in net inflows.
The company informed the Australian Securities Exchange (ASX) today that advisory revenue had been impacted by the decline in the value of Wilson HTM funds under management (FUM), which fell from $1.8 billion at June 30 to stand at just $1.5 billion at the end of the first quarter.
It said the company’s 85.5 per cent owned Pinnacle Investment Management had increased its FUM by 20 per cent during the period to $4.2 billion.
Commenting on the first quarter result, Wilson HTM managing director Garry Lowrey said that while the company had experienced a very turbulent time over the past nine months, it anticipated that over the longer term, the upward trend in the market capitalisation of the ASX would resume.
“Within investment management, we have grown FUM through our Wilson HTM Authorised Investment Managers and Specialty Funds,” he said. “We remain resolutely committed to our retail broking and advisory business, which we believe will continue to be underpinned by growth in self-managed super funds.”
AUTHOR
Mike Taylor
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