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.
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.
Recommended for you
There is one specific risk that is a significantly higher concern for financial services directors compared to companies overall and is impacting their risk appetite, according to the AICD.
Global fund managers are shunning bonds, with the asset class seeing the largest drop in allocations in more than 20 years.
Australian Ethical has seen its funds under management reach $10 billion, driven by organic customer growth and superannuation contributions.
Financial advisers will have access to private equity investments run by WTW for the first time as it launches a pooled fund to provide savers with access to traditionally institutional assets.
