Powered by MOMENTUM MEDIA
moneymanagement logo
 
 

IOOF records $1.2b in FUMA during Dec

IOOF/FUM/FUMA/

30 January 2020
| By Jassmyn |
image
image image
expand image

IOOF has posted a net funds under management, advice and administration (FUMA) inflow of $1.2 billion for the December 2019 quarter, with $939 million accounting for advice.

In an announcement to the Australian Securities Exchange (ASX), IOOF said this was the highest quarterly net inflow since the June 2018 quarter. Its FUMA was at $145.7 billion, an increase of 5.2% compared to the June 2019 quarter.

IOOF noted the net flows for the December quarter were advice at $939 million, portfolio and estate administration at $360 million, and an outflow in investment management at $145 million.

On advice, IOOF said its inflows were thanks to the onboarding of 11 new advice practices during the quarter.

The firm’s chief executive, Renato Mota, said advisers were attracted to its open architecture product model, business systems, and support.

On portfolio and estate administration, Mota said the result reinforced the importance of scale in building a competitive and resilient business model.

“We continue to see net inflows into our proprietary platforms, while delivering improved functionality and scalability,” he said.

On the investment management outflows, IOOF said its Multimix and Multiseries fund range saw quarterly inflows and strong investment performance but was offset by outflows in other investment products.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

Significant ethical issues there. If a relationship is in the process of breaking down then both parties are likely to b...

2 weeks 1 day ago

It's not licensees not putting them on, it's small businesses (that are licensed) that cannot afford to put them on. The...

3 weeks 1 day ago

So we are now underwriting criminal scams?...

6 months 3 weeks ago

After last month’s surprise hold, the Reserve Bank of Australia has announced its latest interest rate decision....

2 weeks 2 days ago

A professional year supervisor has been banned for five years after advice provided by his provisional relevant provider was deemed to be inappropriate, the first time th...

4 weeks 1 day ago

WT Financial’s Keith Cullen is eager for its Hubco initiative to see advice firms under its licence trade at multiples which are catching up to those UK and US financial ...

2 weeks 6 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
74.26 3 y p.a(%)
3