Trust Company posts $20m profit
Trustee, funds management and financial planning company Trust Company of Australia has posted an after tax profit for the first six months ended August 31, 2005, of $20.4 million.
Managing director Jonathan Sweeny said the majority of the profits could be pinned on strong inflows into its corporate services, will writing and private clients arm.
He said the financial planning business, which sits under the private clients arm and has close to 20 authorised representatives, had also performed well.
The successful corporate services division includes property and infrastructure custody for listed and unlisted trusts.
As for the Sydney-based company’s recent deal with Richard Branson’s Virgin Super, Sweeney said it was too early to call whether the deal would be profitable.
“Virgin Super is the kind of product that will take time to be profitable, choice of funds will take a while to wash with consumers,” he said.
Similar trustee arrangements with other super funds grew to be worth $11.4 billion, up 36 per cent on the previous year.
Trust said it expects to post a full year profit after tax of $18.5 million.
Recommended for you
In this week’s special episode of Relative Return Unplugged, we present shadow treasurer Angus Taylor’s address at Momentum Media’s Election 2025 event, followed by a Q&A covering the Coalition’s plans for the financial services sector.
In this week’s episode of Relative Return Unplugged, AMP chief economist Shane Oliver joins the show to unravel the web of tariffs that US President Donald Trump launched on trading partners and take a look at the way global economies are likely to be impacted.
In this episode of Relative Return, host Laura Dew is joined by Andrew Lockhart, managing partner at Metrics Credit Partners, to discuss the attraction of real estate debt and why it can be a compelling option for portfolio diversification.
In this week’s episode of Relative Return Unplugged, AMP’s chief economist, Shane Oliver, joins us to break down Labor’s budget, focusing on its re-election strategy and cost-of-living support, and cautioning about the long-term impact of structural deficits, increased government spending, and potential risks to productivity growth.
