Investsmart to miss FM income guidance
Investsmart Group has announced it will not meet funds management income guidance due to the current market environment.
The firm said that deteriorating market conditions since September, 2018, as measured by the All Ordinaries Accumulation Index, resulted in reduced inflows and a delay in the launch of its new active exchange-traded fund (ETF).
In August last year Investsmart projected annual growth of funds management income by circa 300 per cent for 2019 financial year.
Funds under management (FUM) stood at $110 million at 31 December, 2018, with funds management income growth of 168 per cent compared to the first half of 2018.
AUTHOR
Oksana Patron
Recommended for you
Russell Investments has partnered with financial advice firm Invest Blue to launch a managed portfolio offering to deliver broader private market access for Australian advised investors.
Franklin Templeton has continued the review of its fixed-income fund range, with multiple changes announced across 15 funds, including several management fee reductions.
Insignia Financial has reported net inflows of $448 million into its asset management division in the latest quarter, as well as popularity from advisers for its MLC managed accounts.
With ASIC questioning the dominance of research houses when it comes to retail usage of private market funds, a research house has shared how its ranking process sits alongside ASIC’s priorities.
