Fiducian lifts underlying net profit 21%
Fiducian Group has reported a 21 per cent lift in underlying net profit to $10.5 million for fiscal 2018, achieved on the back of a $1 billion or 18 per cent rise in funds under management, administration and advice (FUMAA) to $6.7 billion.
The end-to-end financial services firm declared full-year dividends of 20 cents a share, up 25 per cent on the prior year. A fully franked final dividend of 11 cents per share was declared for the final half year.
“Fiducian Group has delivered over 20 per cent profit growth six years in a row. In fact, we have produced double-digit EPS growth in 14 out of the 18 years since being listed in the ASX,” chief financial officer, Rahul Guha said.
Executive deputy chairman, Indy Singh, said Fiducian is poised for continued growth, with management focussed on developing ways to realise the full potential for growth that has been built on the continued contribution from funds management, platform administration and financial planning.
“Having our own IT systems development business gives us a solid foundation to support our own financial services business, and we have just begun to commercialise our Fintech capability to offer SMA wrap services and financial planning software to the external market,” Singh said.
The firm said it has entered the popular SMA administration market and signed on its first client, with almost $30 million already transitioned over the past few months.
The commercialisation of FORCe, Fiducian’s financial planning software, has also begun for external financial planning businesses, it said.
Fiducian also said its multi-asset, multi-style approach to funds management continues to perform strongly, with all of its flagship diversified funds having achieved the rare distinction of being top quartile for each year measured over a ten-year period to 30 June 2018.
Recommended for you
With regional and rural suburbs exhibiting high spare capacity to invest, Money Management speaks to three regional advisers on the opportunities beyond the major cities and the importance of a strong network.
Platform consolidation is expected to accelerate among financial advisers this year, as software company Finura pinpoints which two platforms are set to be the winners, thanks to this trend.
The software provider has made several appointments in its APAC wealth propositions team, with a focus on driving growth across digital advice, Xplan and strategic partnerships.
The platform has announced it plans to close its Xplore managed discretionary account service in 2026 which holds $2 billion in funds under administration.
