AWM books 30 per cent profit slump
Australian Wealth Management (AWM) has continued to struggle in the current volatile markets, reporting a 30 per cent fall in net profit after tax and before non-recurring items of $23.4 million for the six months to December 31.
The company also reported a write-down of $155 million, with most relating to the reassessment of good will flowing from the merger of Select Managed Funds and AWM in 2006.
The company said in light of these write-downs, the directors had not declared an interim dividend pending its merger with IOOF CompanyName,23908 .
The company's announcement to the Australian Securities Exchange said in the six months to December 31, AWM saw its funds under management or advice, administration and supervision decline by a relatively modest 7 per cent to $56 billion in the six month period.
Commenting on the result, AWM managing director Chris Kelaher said the company's two major platforms, Spectrum Super and The Portfolio Service, were net flow positive for the period when the effect of pension payments was removed.
He signalled that the company would be seeking to consolidate its merger with IOOF and might look to growth once market conditions improved.
AUTHOR
Mike Taylor
Recommended for you
The emergence of DeepSeek, a Chinese artificial intelligence (AI) start-up that claims to have built an advanced large language model in just two months for under US$6 million, sent shockwaves through the AI world and cratered US tech stocks.
Donald Trump’s presidency has already begun reshaping the corporate and political landscape in the US, with executive orders rolling back diversity, equity, and inclusion (DEI) initiatives and clean energy efforts.
In this episode of Relative Return Unplugged, hosts Maja Garaca Djurdjevic and Keith Ford are joined by AMP chief economist Shane Oliver to take a look at what can be learned from 2024 as attention turns to what markets will do in the new year.
Join us for a special episode of Relative Return Unplugged as hosts Maja Garaca Djurdjevic and Keith Ford are joined by shadow financial services minister Luke Howarth to discuss the Coalition’s goals for financial advice.
