Wilson HTM forecasting profit slide
Another major financial services group has felt the impact of market volatility with Wilson HTM foreshadowing a 30 per cent decline in net profit after tax.
In a statement issued on the Australian Securities Exchange today, Wilson HTM said in the context of unrealised losses on principal investments, the absence of performance fees and the ongoing expansion of Pinnacle, if market conditions remained weak the company’s financial result for the full year to June 30, 2008, was anticipated to be around 30 per cent below last year’s net profit after tax.
Looking at its Capital Markets business, Wilson HTM said it had experienced a decline in business volumes in both its institutional and retail broking business units consistent with the decline in trading volumes in the overall share market.
With respect to its investment management business, the company said considerable progress had been made in the Pinnacle Investment Management business, which continued to successfully market its capabilities based on a track record of delivering alpha.
It said the company’s strategy of providing seed funds under management to Pinnacle boutiques as well as its own specialty funds had been instrumental in enabling the Plato and Solaris funds, as well as the Priority Growth Fund, to establish performance track-records.
AUTHOR
Mike Taylor
Recommended for you
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.
In this episode of Relative Return, host Laura Dew chats with Mark Barnes, head of investment research, and Catherine Yoshimoto, director of product management, from FTSE Russell about markets in Donald Trump's second presidency and how US small caps are faring compared to their large-caps counterpart.
