Beacon less bright in second half
Beacon Financial Services has become the latest investment management business to suffer in the wake of a slowing economy and the September 11 tragedy in the US, announcing an expected profit downturn in the second half of 2001.
Beacon Financial Services, which is not associated in any way with Beacon Investment Management Services, has released prior to its annual general meeting a statement informing the Australian Stock Exchange (ASX) that it is not expecting a profit for the second half of the year.
“The profit for the half year to December 31, 2001 will not meet expectations from the previous corresponding period. A profit for the half year period will not be possible,” the statement says.
The group has attributed the expected absence of profit to the effect of market movements since June 30, 2001 on its portfolio, identifying the September 11 terrorist attacks in the United States as an additional factor.
“This has been caused singularly by the effect of market movements since June 30, 2001 on the company’s portfolio. These movements have been exacerbated by the events of September 11, 2001,” the statement adds.
Recommended for you
Sharing his reasoning in joining the FSC board, WT Financial chief executive, Keith Cullen, believes “product and advice cannot be separated” from each other in the current environment.
The Emerge Foundation, a charity run by financial advisers and fund managers, has announced a scholarship program to help veterans transition into tertiary education.
In an open letter, Sequoia chief executive Garry Crole has hit out against shareholders “with a personal axe to grind” as he fights for his job ahead of an EGM.
The JAWG has announced it is in talks with Treasury around five “core principles” to strengthen the education standards for new entrants to the financial advice space.