EQT posts 43% growth in FUMAS

19 August 2021
| By Oksana Patron |
image
image
expand image

EQT Holdings has announced a 43% year-on-year growth in funds under management, administration and supervision to $144 billion for the year while the revenue has risen 5.9% to $101 million. 

At the same time, net profit after tax and earnings per share increased more than 10% , helped by industry demand for an independent fiduciary model, the firm said in the announcement made to the Australian Securities Exchange (ASX). 

The shareholders would receive a final dividend of 47 cents per share, bringing the total to 91 cents for the full year, up 1 cent on the prior year. 

EQT’s managing director, Mick O’Brien, said the trend to outsource fiduciary services had helped to support the firm’s model and drive momentum across the business. 

Following that, due to strong growth in the superannuation business, financial reporting lines would be split into three trustee service area businesses going forward including, trustee and wealth, superannuation and corporate. 

“This will enable each business to focus and prosper in its areas of strength as well as improving transparency,” he said. 

“Our superannuation business achieved exceptional growth during the year, with funds more than tripling from $11.2 billion to $33.6 billion. We are now trustee for more than 600,000 members across 15 superannuation funds.” 

According to O’Brien, the outlook for Equity Trustees was positive. 

“Our funds under management, administration and supervision growth should continue to underpin future revenue growth, while we scale up areas of the business that show the greatest scope for growth and target new areas such as innovative fund structures, debt, loan and real asset arrangements.” 

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 1 week ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 1 week ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 1 week ago

A Sydney-based financial adviser has been banned from providing financial services in the interest of consumer protection after failing to act on conduct concerns. ...

3 weeks 3 days ago

ASIC has cancelled the AFSL of a $250 million Sydney fund manager, one of two AFSL cancellations announced by the corporate regulator....

3 weeks 1 day ago

Having divested its advice business in August, AMP is undergoing restructuring in at least four other departments amid a cost simplification program....

2 weeks 5 days ago