Magellan posts results
Funds manager Magellan Financial Group has announced its end of year report, with net profit after tax of $6.2 million, an increase of 147 per cent over the previous year.
In a statement released by the group, the reported full year profit was not reflective of the underlying results as it included a non-cash accounting adjustment that increased the reported profit after tax by $26.6 million, a write off of goodwill relating to the internalisation of the management services agreement between NPH Funds and Magellan that reduced the reported profit after tax by $18.6 million, and another non-cash accounting adjustment that increased the reported profit after tax by $2.2 million.
The group reported unrealised mark to market losses after tax of approximately $2.4 million on investments held by Magellan and a consolidated unit trust.
Underlying operating results for 2008 stood at a loss after tax of approximately $1.6 million, while total revenue from ordinary activities went down 7.7 per cent to $6.529 million.
The group’s directors stated that 2008 was a particularly challenging year for funds management, both in terms of absolute investment returns and funds flow, but are “comfortable that Magellan is well placed to attract funds under management in 2009 and beyond”.
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.
