IOOF records $1.2b in FUMA during Dec

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.

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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.

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