Plan B caught in market slide
Boutique wealth management company Plan B has reported a decline in funds under management, administration or advice (FUMA) for last year’s December quarter. Its total FUMA of $1.46 billion was down by 9.6 per cent on its position in the September 2008 quarter.
Amid difficult market conditions, Plan B’s total FUMA held on platforms also saw a decrease at the end of December 2008, falling by 12.3 per cent to $1.37 billion from the September quarter. The company attributed the result to the continued decline in global investment markets during that period.
Plan B also experienced a drop in gross outflows from its platforms compared to the September quarter.
However, the company reported a stronger result in net outflows during the final quarter, which, as a result of clients making fewer withdrawals, were less than 0.2 per cent of opening FUMA at the beginning of the period.
Funds under advice not held on Plan B’s platforms increased to 6.1 per cent of total FUMA from 3.2 per cent in the final quarter, which the company said was primarily due to completion of an acquisition of by one of Plan B’s PFS Affinity Partners in December 2008.
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