EQT posts 43% growth in FUMAS
EQT Holdings has announced a 43% year-on-year growth in funds under management, administration and supervision to $144 billion for the year while the revenue has risen 5.9% to $101 million.
At the same time, net profit after tax and earnings per share increased more than 10% , helped by industry demand for an independent fiduciary model, the firm said in the announcement made to the Australian Securities Exchange (ASX).
The shareholders would receive a final dividend of 47 cents per share, bringing the total to 91 cents for the full year, up 1 cent on the prior year.
EQT’s managing director, Mick O’Brien, said the trend to outsource fiduciary services had helped to support the firm’s model and drive momentum across the business.
Following that, due to strong growth in the superannuation business, financial reporting lines would be split into three trustee service area businesses going forward including, trustee and wealth, superannuation and corporate.
“This will enable each business to focus and prosper in its areas of strength as well as improving transparency,” he said.
“Our superannuation business achieved exceptional growth during the year, with funds more than tripling from $11.2 billion to $33.6 billion. We are now trustee for more than 600,000 members across 15 superannuation funds.”
According to O’Brien, the outlook for Equity Trustees was positive.
“Our funds under management, administration and supervision growth should continue to underpin future revenue growth, while we scale up areas of the business that show the greatest scope for growth and target new areas such as innovative fund structures, debt, loan and real asset arrangements.”
AUTHOR
Oksana Patron
Recommended for you
Global X has appointed a former CFS director as its new head of marketing to lead the firm’s brand strategy and marketing initiatives.
Insignia Financial’s acquisition by CC Capital is among the top five largest Australian M&A deals of the last 12 months, with the deal demonstrating not one but two key trends in the M&A environment.
Magellan fund manager Arvid Streimann has resigned after an investigation into allegations he had a workplace relationship with a junior employee.
Clime Investment Management has sold a portion of its retail client book to an external financial planning practice for $1.6 million in its latest cost-out move.
