Clime streamlines, tightens belt
Clime Investment Management has looked to reduce costs and streamline its operations acknowledging that it has closed two small retail fund offerings and replaced seven of its separately managed funds.
The owner of financial planning group, Madison, announced the moves to the Australian Securities Exchange (ASX) late on Friday noting that it had also “further consolidated Madison, WealthPortal, ProActive Portfolios and AdviceNet into the Clime Group”.
It said that to complement its strategy, the company had initiated ‘Project Streamline’ “which includes a number of actions designed to reduce costs, better support our people, allow real focus on our key products, ensure best practice governance and compliance, support improved client service and promote revenue growth”.
“As a result, we are in the process of replacing seven of the Clime separately management funds (SMAs) with ProActive’s SMA portfolios and have taken steps to eliminate a number of duplicated supplier arrangements, expand our investment product available on investment platforms, and update our website,” it said.
“During the last quarter Clime also closed two small retail fund offerings which were deemed uneconomical and offered those investors direct access to Clime Capital Limited.”
Recommended for you
Following an extraordinary general meeting today, Dixon Advisory parent company E&P Financial Group’s shareholders have voted on its proposed delisting from the ASX.
While overall financial adviser numbers have dipped below 15,500 this week, Rhombus Advisory is experiencing growth and approaching 500 advisers in its ranks.
Iress’ Xplan continues to dominate the financial planning software market with a multitude of uses, according to Netwealth research, despite newer players battling for a piece of the pie.
ASIC has shared the percentage of breach reports related to financial advice in FY24, noting increased reporting by smaller AFSLs.
