Sealcorp boosts St George profit
The announcement of a healthy 15.6 per cent growth in funds under administration forSt George-ownedSealcorpover the past twelve months today has significantly boosted the performance of the group’s wealth management division.
Advance Funds Managementalso experienced a 14.1 per cent growth in funds under management for the year ending September 30, with total managed funds for the group growing 13.6 per cent to $19.8 billion.
St George says that despite difficult market conditions in the first half of the year, recent improvements in equity markets and investor confidence have contributed to the growth.
Sealcorp’s funds under administration rose from $12.4 billion in September 2002 to $14.3 billion this year, while its funds under advice remained relatively stagnant, growing only $2 million. Advance’s funds under management grew from just over $3 billion to $3.5 billion in the same period.
The group says its total managed funds fees fell to $172 million from $178 million for the period mainly as a result of a change in product mix, now with more wholesale funds relative to retail funds.
The wealth management division contributed $76 million in income to the group for the year, with a total St George group income of over $1 billion resulting in a profit of $606 million after expenses.
St George says the priorities for wealth management is to grow the platform business delivered by Asgard - part of Sealcorp, and the ‘packaging business’ of Advance Funds Management.
It says it will also focus on growing its distribution network targeting both independent financial planners and other dealer groups, as well as its margin lending and insurance businesses.
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