ANZ resilient in toughening times
The ANZ Banking Group has continued its strong financial performance, with its latest trading update for the nine months to 30 June revealing a four per cent increase in unaudited cash profit to $5.4 billion and an unaudited statutory net profit up 11 per cent to $5.58 billion.
The trading update, released to the Australian Securities Exchange (ASX), today pointed to a positive performance within the banking group's Global Wealth Division.
The ASX announcement referenced positive underlying performance across the key businesses within the Global Wealth Division with strong in-force premium growth, stable claims and lapse experience plus growth in Funds Under Management (FUM).
Commenting on the update, ANZ chief executive, Mike Smith, said the third quarter operating environment had remained similar to that of the first half with economies in the bank's key markets having slowed a little compared with previous years and global conditions remaining challenges.
"In these circumstances we are continuing to sharpen our focus on the management of capital and on the control of expenses," he said.
Recommended for you
Perpetual has seen AUM rise 6 per cent in the last quarter but the departure of a longstanding JOHCM fund manager led to outflows of $2.2 billion from his strategy.
In the latest Meet the Manager profile, Money Management speaks with Michael Skinner, founder and managing director at Blackwattle Investment Partners.
Global fixed income fund Bentham Global Opportunities has been added to several major platforms, enabling it to be accessed more easily by financial advisers.
Following yesterday’s news about First Sentier Investors closing four investment teams, a second global asset manager has announced it is closing its only dedicated Australian fund.
