HFA withstands volatility
HFA Holdings, of which HFA Asset Management is a wholly-owned subsidiary, has reported significant inflows over the last year, with the group’s products aiming to produce positive returns across all market conditions.
The group’s management fee revenue was up 148 per cent on last financial year to more than $89 million, but the challenging market conditions did make it difficult for the manager to reap in performance fees, with the latter decreasing by $29,454,380; a 76 per cent reduction from more than $38 million to $9.2 million.
HFA Holdings reported a net profit after tax of $35,169,972 for the financial year ended June 30, 2008, a 73 per cent increase from the previous year’s profit of $20,278,782.
This was the group’s consolidated net profit, with company net profit lower at $33,075,083 for the year.
HFA Lighthouse Holdings became a wholly-owned subsidiary of HFA Holdings in January this year, and is the parent entity of US-based Lighthouse Group, a global absolute returns manager.
HFA Asset Management and Lighthouse Group offer absolute return products to investors globally.
The acquisition of Lighthouse had a significant impact during the year, supporting an increase in the group’s funds under management.
But despite the positive results, shareholders in HFA Holdings this year received a lower dividend than last year, with the group offering a final 2008 dividend of 3.5 cents per share, fully franked and payable in September 2008.
The group flagged that it intends to venture further into the European and Asian markets.
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