Record growth for Aus Unity FS business

financial-services-business/australian-unity/australian-securities-exchange/FOFA/financial-advice/ASX/

26 February 2014
| By Staff |
image
image
expand image

Australian Unity’s financial services business defied sluggish growth trends across the rest of the group to lift its funds under management (FUM) by a record $3.2 billion in the half year to December 2013.  

However, the company overall reported a net profit of $6.1 million for the six months till 31 December 2013, a significant decline on the $11.3 billion reported in the same period in the previous year.  

The comparative profit deterioration was attributed to a mix of high claims, one-off legislative costs and lower investment earnings.  

“These matters aside, the interim result represents an encouraging position for the overall Group’s operations,” group managing director Rohan Mead said. 

Mead said the financial services group’s growth - which saw it grow to $3.2 billion compared to $2.21 billion in the corresponding period the previous year -  was “pleasing”, given the pressure and uncertainty around Future of Financial Advice (FOFA) reforms.  

Australian Unity’s number of advisers declined marginally from 118 to 117, a statement on the Australian Securities Exchange (ASX) showed. The reduction was linked to grandfathering provisions, which kicked in in July 2013. 

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 ago

Entireti has unveiled the new name for the AMP financial advice businesses that it acquired last year....

4 weeks 1 day 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 ago

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

1 week 6 days ago

TOP PERFORMING FUNDS