Inflows boost Merc profit

cent/

9 May 2000
| By Stuart Engel |

Strong inflows into Mercantile Mutual’s managed funds has helped lift the group’s operating profit after tax up 23 per cent to $70 million for the six months to the end of March.

Strong inflows into Mercantile Mutual’s managed funds has helped lift the group’s operating profit after tax up 23 per cent to $70 million for the six months to the end of March.

A 58 per cent hike in managed funds inflows fuelled a 10 per cent rise in total funds inflow to $3.6 billion for the six months to March 31. Merc now has just un-der $30 billion under management.

The strong growth in inflows produced a 14 per cent rise in after tax profit from life and funds management operations to $60 million, making up 90 per cent of the group’s net profit.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 1 week ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

3 weeks 1 day ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

2 weeks ago

One licensee has lost 27 advisers in the past week, now sitting at zero, according to the latest Wealth Data figures....

3 weeks 1 day ago

TOP PERFORMING FUNDS