Snowball posts solid combined result
Following a successful merger between Snowball Group and Shadforth Financial earlier this year, the combined group has posted a net profit after tax of $25.4 million for the year ending 30 June 2011.
The reported result – which was announced on the Australian Securities Exchange – included $2.2 million in net profit coming from Snowball, and another $23.2 million from Shadforth.
Snowball also pointed to the 14 per cent increase in pro forma funds under management (FUM) to $3.7 billion, which was boosted by strong growth in use of its strategic trusts managed by Dimensional, the group said.
The increase was also assisted by strong growth in FUM managed by Snowball-owned fund manager Officium Capital, the group stated.
The merger between Snowball and Shadforth was formally completed on 26 June 2011, with the integration process to flow into 2012.
“This is a challenging economic environment, but the benefits of the merger are already flowing through the business; the merger has prepared us well for the inevitable improvement in market conditions,” Snowball’s managing director, Tony Fenning said.
Fenning added Snowball was well prepared and organised for the implementation of the Future of Financial Advice changes and does not anticipate the proposed legislation would have a material impact on its business.
Recommended for you
Far too few wealth managers are capitalising on the opportunity presented by disruptive technology to deliver personalised investment solutions to the mass affluent demographic, according to PwC.
With over half of advisers using managed accounts, HUB24’s head of managed portfolios has unpacked the benefits driving their usage and how they can be leveraged by advice practices.
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.
ASX-listed platforms HUB24, Netwealth, and Praemium have used their AGMs to detail how they are using artificial intelligence to improve their processes and the innovative opportunities it presents.
