Equity Trustees marks time on profit
Financial services group Equity Trustees barely held ground last financial year, reporting a static net profit after tax on the back of a stronger second half and growth in the private clients business.
The company reported a net profit after tax of $8 million for the financial year – precisely the same figure achieved in the previous 12-month period.
Commenting on the result, Equity Trustees chairman Tony Killen said it was pleasing given the continuation of market volatility, while managing director Robin Burns said the key performance metrics “illustrate the slowly improving operating conditions that we experienced during the year”.
Burns said all of the company’s business units had performed well in light of the specific factors each had faced in its sector, but that Equity Trustees was particularly pleased to note the continuing growth in the private client business.
“This augurs well for the company over the long-term given the level of demand forecast for high-net-worth wealth management in the future and the likely changes in the industry over coming years,” he said.
Burns referenced good growth in funds under management in most products, but said a changing mix in investors exposures resulted in a trend to lower market products – something the company believed was a cyclical issue.
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.
