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.
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