Platinum AM posts lower revenue
The challenging investment market in the second half of last year saw Platinum Asset Management’s total revenue down by close to 30 per cent decrease (28.5 per cent) compared to the previous corresponding period.
The company also saw a decline in overall profits attributable to owners of 26.7 per cent to $74.9 million, counting year-on-year. In the market announcement issue to the Australian Securities Exchange (ASX) platinum said it was mainly due to the challenging equity markets in the half-year which caused the company to both record an unrealised loss on its seed investments and generate little in the way of absolute return related performance fee income.
“While both these items detracted from the half-year profit, they remain important long-term contributors to the company’s profits,” the firm said in the statement.
At the same time, profit from ordinary activities after income tax was 38 per cent down to $65.2 million.
The underlying funds management business proved resilient with management fees increasing by 2.5 per cent for the half-year when compared to the previous corresponding period. And it was assisted by a positive mix shift in funds under management (FUM) towards retail.
The board declared dividend of 13 cents per share fully-franked compared to 16 cents per share fully-franked for the half-year ended 31 December, 2017.
Recommended for you
Financial advisers and wealth managers need to exceed their clients’ desires for personalisation, a new EY report writes, and the requirements for this will vary between client segments.
Betashares chief executive, Alex Vynokur, believes technology advancements will enable banks to return to financial advice in the future as the need for advice is greater than ever.
Centrepoint Alliance has upgraded its expected financial results for FY24, thanks to strong adviser recruitment and the acquisition of Queensland advice firm Financial Advice Matters.
The corporate regulator has permanently banned a Melbourne-based financial adviser that “dishonestly attempted to induce clients to transfer their superannuation into a bank account he controlled”.
