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.
AUTHOR
Anastasia Santoreneos
Recommended for you
Women are expected to inherit US$124 trillion through the intergenerational wealth transfer, but Capital Group has found they are twice as likely to rely on social media for advice over a financial adviser.
Challenger Investment Management has raised $350 million during the offer period for its new ASX-listed investment structure.
A week after Lonsec downgraded multiple funds from Metrics Credit Partners, rival research house Zenith Investment Partners has opted to retain its ratings for the same funds.
Strong adviser engagement has helped Praemium reach $1 billion in inflows on its Spectrum offering, with a deal with Western Australian wealth firm Euroz Hartleys expected to add as much as $2 billion.
