Cromwell’s 86 per cent lift in assets under management
Queensland-based property and funds management group Cromwell Corporation increased assets under management by a stellar 86 per cent last financial year to $1.37 billion.
The company’s executive chairman, Paul Weightman, also reported that the company had lifted net profit by 63 per cent to $7.9 million and said that the result was achieved off the back of significantly higher revenues from funds management activities and a continued focus on enhancing cost efficiencies.
He said that during the year the company had shifted its capital raising focus from the Cromwell Diversified Property Trust to the Cromwell Property Fund, which was launched in early July following the acquisition of five foundation properties.
Looking over the horizon, Weightman claimed the group was well placed to take advantage of the expected continuation of strong equity inflows into the Cromwell Property Fund and forecast earnings growth would be similar to that for the last financial year.
AUTHOR
Mike Taylor
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
