Fiducian profit up 15%
Fiducian Group has reported a 15 per cent growth in the underlying net profit after tax (UNPAT) to $12 million while funds under management, administration and advice (FUMAA) grew 10 per cent to $700 million for the year to 30 June.
Following this, a fully franked final dividend of 11.3 cents per share was declared which would bring the total fully franked dividend declared for the 2019 financial year to 22.3 cents, an increase of 12 per cent.
The company also said that post 30 June results FUMAA continued to grow further by $600 million to eight billion as at 31 July, including the acquisition of MyState Bank’s retail financial planning business.
Fiducian Group’s executive chairman, Indy Singh, said: “Fiducian is poised for sustainable and continued growth. The leadership team is focussed on developing ways to realise the full potential for growth that has been built on the continued contribution from successful funds management, top quality administration and financial planning.”
He added that investments in developing the firm’s own IT systems gave it a solid foundation to support its own financial services business and that there was a further potential to commercialise its fintech capability by offering separate managed accounts (SMA) wrap services and financial planning software to the external market.
Fiducian’s Growth Fund 1st out of 162 funds, Ultra Growth Fund is 2nd out of 106 funds, Balanced Fund is 2nd out of 162 funds and Capital Stable Fund is 4th out of 105 funds on the Morningstar July 2019 survey.
AUTHOR
Oksana Patron
Recommended for you
Investment solution provider Channel Capital has appointed James Archer as its latest distribution director, joining from Pinnacle Investment Management.
Bennelong Funds Management has signed a memorandum of understanding with US private credit manager Monroe Capital to distribute its products in Australia.
Global equity manager Talaria Capital has appointed a Sydney-based sales director as it grows its distribution presence across Australia.
Global private markets firm Partners Group has launched an evergreen fund to provide Australian advisers with access to its cross-sector royalties strategy.
