IOOF’s 1Q inflows reach $270 million
IOOF Holdings said net inflows in funds under management, administration and advice (FUMA) reached $270 million for the first quarter ended 30 September 2019.
Total FUMA as at 30 September 2018 totalled $127.3 billion, while funds under supervision totalled $37.6 billion.
Platform net inflows fell from $309 million in the prior corresponding period to $285 million, while Advice inflows were down from $512 million to $119 million.
IOOF said Advice net inflows included around $400 million of transfers from IOOF BT badges to BT’s recently restructured direct offer, BT Wrap Open. It said the total revenue impact is less than $1 million on an annualised basis.
Earlier this month, IOOF launched a new BT Wrap Solution, Insignia Wrap and Insignia SuperWrap, which it said has identical pricing to BT Wrap Open.
In addition to Insignia Wrap and Insignia SuperWrap, IOOF said it will offer adjusted pricing on its badged version of Panorama from November 2018. It estimated the revenue impact of launching new BT badges at around $7 million in fiscal 2019.
IOOF said Investment Management net outflows stood at $134 million, down from $152 million previously and also reflecting the timing effect of distributions.
IOOF managing director, Christopher Kelaher, described the continued significant inflows into the financial services firm’s proprietary platforms as “a very pleasing outcome in an extremely competitive environment”.
“We differentiate our platform offering by exceeding our clients’ expectations with superior service, which is delivering inflows,” he said.
Recommended for you
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.
Two Australian active fund managers have been singled out by Morningstar for their ability to achieve consistent performance and share price growth in the past 12 months.
Pinnacle Investment Management has expanded its private market coverage, forging a strategic partnership with a private markets manager via a 13 per cent stake acquisition.
