Snowball posts solid combined result
Following a successful merger between Snowball Group and Shadforth Financial earlier this year, the combined group has posted a net profit after tax of $25.4 million for the year ending 30 June 2011.
The reported result – which was announced on the Australian Securities Exchange – included $2.2 million in net profit coming from Snowball, and another $23.2 million from Shadforth.
Snowball also pointed to the 14 per cent increase in pro forma funds under management (FUM) to $3.7 billion, which was boosted by strong growth in use of its strategic trusts managed by Dimensional, the group said.
The increase was also assisted by strong growth in FUM managed by Snowball-owned fund manager Officium Capital, the group stated.
The merger between Snowball and Shadforth was formally completed on 26 June 2011, with the integration process to flow into 2012.
“This is a challenging economic environment, but the benefits of the merger are already flowing through the business; the merger has prepared us well for the inevitable improvement in market conditions,” Snowball’s managing director, Tony Fenning said.
Fenning added Snowball was well prepared and organised for the implementation of the Future of Financial Advice changes and does not anticipate the proposed legislation would have a material impact on its business.
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