Fiducian posts growth in FUMAA
Fiducian Group has reported a $600 million increase in funds under management, advice and administration (FUMAA) while revenue was up 11% counting year-on-year, the company said in the announcement regarding its financial results for FY20.
Following this, Fiducian reported net inflows of $217 million which represented a 106.7% growth and double the previous year. At the same time, fully franked dividend of 23 cents per share grew 3.1% over the previous corresponding period.
The group’s executive chairman, Indy Singh, said that Fiducian had proven that it was a resilient company that could success in an uncertain economic environment.
He also attributed the success to the dedication of financial planners who provided increased service to reassure clients while working from home. Singh stressed that during the crisis no one had reductions in remuneration and that the staff would be rewarded with a salary increase for the new financial year and bonuses equal to what they received last year or as per their employment terms.
Establishing capability for separately managed accounts (SMA) administration and financial planning software sales to external dealer groups would remain the key area for Fiducian looking forward.
“The board, management and staff remain optimistic for superior growth and a continuation of steady well-managed expansion over the next three to five years. In spite of the economic uncertainties surrounding the pandemic, our platform net flows of $125 million in the second half were 36% higher than the first half,” he stressed.
AUTHOR
Oksana Patron
Recommended for you
Several wealth management companies have been shortlisted in the second annual Australian AI Awards program, which champions individuals and organisations pioneering Australian AI innovation.
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.
