Treasury Group rises on boutique growth
TreasuryGroup announced last week a 357per cent half year surge innet profits due to increasesin the group’s boutiqueinvestment subsidiaries’funds under management(FUM).
The group reported a netprofit after tax and outsideequity interests of close to$2 million for the sixmonths ending December31, 2003, compared to aprofit of just over $431,000for the half year to December 31, 2002.
Treasury Group attributes the performance toboth a group-wide rise inFUM to $4.2 billion by theend of December, andhealthier share marketsover the period.
Group chairman LeeIaFrate says the increases infunds included a strongcontribution fromInvestorsMutual , with its funds rising to over $3 billion duringthe period following growing support from retail platforms and a broadening ofits client base.
The increase was alsobolstered byOrion AssetManagement , withfunds of more than$500 million, ArmytagePrivate, ConfluenceAsset Management, andthe group’s listed investment company, Premium Investors.
Due to the results andwhat the group says is astrong operating andfinancial base, TreasuryGroup declared an interim dividend of three centsper share.
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