Plan B acquisition obscures decline in FUM
Financial services group Plan B has signalled a positive outcome from its acquisition of Strategic Financial Management.
Plan B reported to the Australian Securities Exchange (ASX) this week that funds under management, administration or advice (FUMA) as at 31 March stood at $1.73 billion, up 18.2 per cent from its position as at 31 December last year.
The company said the increase was primarily due to the acquisition of Strategic Financial Management during the quarter, which had also been the main driver for funds under advice held outside the Plan B platforms increasing from $0.09 billion (or 6.1 per cent of total FUMA) at 31 December to 0.43 billion (25.1 per cent).
Putting the group’s overall position into context, the ASX was told that FUMA held on Plan B’s platforms represented 74.9 per cent of total FUMA as at 31 March, and that the on-platform FUMA amount of $1.29 billion represented a 5.3 per cent reduction on FUMA held at 31 December last year.
AUTHOR
Mike Taylor
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