Seventh consecutive profit increase for AWM
Chris Kelaher
Australian Wealth Management (AWM) has reported its seventh consecutive profit increase, with a profit of more than $65 million in the past year, an increase of 13 per cent.
The managing director of AWM, Chris Kelaher, said: “Despite the challenging market conditions, I am pleased to say that AWM has increased both its profit and its dividend during the year.”
Kelaher said despite AWM being cautious about uncertainty in capital markets, he expected growth in superannuation and financial services and noted numerous opportunities for acquisitions. AWM recently acquired $340 million worth of funds from Credit Suisse Asset Management and a 70 per cent stake in Ord Minnett.
“With a strong balance sheet and recurring earnings as hallmarks for AWM, we are well positioned to weather the current market conditions and will emerge with strong future growth.”
Recommended for you
The new financial year has got off to a strong start in adviser gains, helped by new entrants, after heavy losses sustained in June.
Michael McCorry, chief investment officer at BlackRock Australia, has detailed how investors are reconsidering their 60/40 portfolios as macro uncertainty highlight the benefits of liquid alternatives.
Having reset its market focus to high-net-worth advisers, Praemium’s administration solution has been selected by Bell Potter in a deal that increases the platform's funds under administration by $6 billion.
High transition rates from financial advisers have helped Netwealth’s funds under administration rise by $3.7 billion in the fourth quarter of FY25.
