Fiducian Portfolio Services reports positive cash flows in first quarter
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Fiducian Portfolio Services has reported operating cash flows of more than $1 million for the first quarter of 2009, which it used to expand its associated financial planning businesses and distribution channels as well as acquiring other financial planning businesses.
The company paid $62,000 for two financial planning acquisitions during the first quarter of this year, as well as a loan of $197,000 for an assisted merger of two of its associated entities.
Managing director Indy Singh attributed Fiducian's strong business model to the company’s internal control of their platforms, advisers, and fund management. It also preserved its capital well and “never went overboard in the heydays of the debt binge”, Singh said.
Fiducian recorded a profit of more than $2 million in the second half of 2008. Fiducian's operating revenue dropped by 21 per cent during that time.
In a previous interview with Money Management, Singh said the company would focus on developing its existing revenue streams through its product and service offering.
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