MFS flags HFA float
Property and tourism based funds manager MFS Group has reported an above expectations first half profit of $25.2 million, and signalled its intentions to dispose of a portion of subsidiary HFA Funds Management through a public float.
The $25.2 million dollar profit has put MFS, which last week announced it had entered into a $150 million acquisition contract with the world’s biggest aquarium manufacturer, well on track to meet its forecast for the full year of a $30 million profit.
MFS managing director Phil Adams said the board remained confident that the second half net profit would be at least as strong as for the first half of the year.
He said the better than expected result could be pinned on increased fund flows into all of the group’s core business units including its listed and unlisted property and equity funds.
MFS intends to complete the sale of part of its interest in specialist funds manager HFA through an initial public offering by the end of the current financial year.
Adams said MFS would retain a significant shareholding in HFA.
MFS has more than $4 billion in funds under management, close to $1.8 billion of which sits in HFA.
Recommended for you
The financial advice industry has enjoyed another week of strong new entrant numbers, totalling nearly 40 for the past fortnight, thanks to the latest exam passes.
Momentum Media’s wealth publishing network – comprising InvestorDaily, ifa, SMSF Adviser, Money Management, and Super Review – is proud to launch the annual Australian Wealth Management Awards.
Investment information firm Equity Story has signed a binding heads of agreement to acquire South Australian financial advisory and stockbroker Baker Young for $4.2 million.
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
