EQT announces strong profit lift
EQT Holdings Limited has benefited from recent acquisitions and a strategic alliance, announcing a 33 per cent increase in net profit after tax to $9.6 million, and revenue up nine per cent to $43.2 million.
EQT’s funds under management (FUM) also increased 8 per cent to $78.6 billion and interim dividend reached 40 cents, up five cents on the previous corresponding period.
EQT Chairman, Jeff Kennett, said the improvement flowed from strong performances by Equity Trustees’ core business and the commitment of employees.
EQT Managing Director, Mick O’Brien, credits the profit growth to the recent business restructures.
“We have transformed the business and are building a platform for growth through our series of acquisitions and partnerships,” he said.
“The Sandhurst Trustees Estates and Trusts (Sandhurst) acquisition has made its first contribution this half.”
The Sandhurst acquisition helped boost Trustee and Wealth Services revenue 12 per cent, while Corporate Trustee Services delivered steady returns.
“The strategic alliance with Aon, the acquisition of OneView’s Responsible Entity business and our first move offshore with the purchase of a majority stake in Treasury Capital Limited (TCL), are all in the early stages, with benefits still to come.”
O’Brien also said the recent move into the UK fund governance market provided an entry into the $US70 trillion global funds management industry.
Recommended for you
There is one specific risk that is a significantly higher concern for financial services directors compared to companies overall and is impacting their risk appetite, according to the AICD.
Global fund managers are shunning bonds, with the asset class seeing the largest drop in allocations in more than 20 years.
Australian Ethical has seen its funds under management reach $10 billion, driven by organic customer growth and superannuation contributions.
Financial advisers will have access to private equity investments run by WTW for the first time as it launches a pooled fund to provide savers with access to traditionally institutional assets.
