EQT reports solid half
Former TAL chief executive, Jim Minto has been added to the board of Equity Trustees (EQT) as the company reported a three per cent increase in net profit after tax to $7.2 million on the back of seven per cent revenue growth for the half-year to 31 December, last year.
EQT managing director, Mick O’Brien said solid underlying revenue growth and disciplined expense control had largely offset the costs of the business transition during the half.
“A 23 per cent increase in funds under management, strong growth in Corporate Trustee Services, improving momentum in Trustee and Wealth Services and tighter cost control reflect good underlying improvement in the businesses,” he said.
The directors declared a dividend for the half of 35 cents per share fully franked.
Commenting on the result, O’Brien pointed to the fact that the company’s restructure was nearing completion with the benefits expected to emerge in the second half of the current financial year.
He said the acquisition of Sandhurst Estates business announced during the half was in line with the company’s strategic growth plan and was expected to strengthen EQT’s presence in the market.
O’Brien said EQT was seeking to be the leading specialist trustee company in Australia and was well positioned for future consolidation in the industry.
“Our independence and clear focus means we can offer financial institutions the opportunity to provide their clients with specialist services, in an unconflicted manner,” he said.
Recommended for you
Grant Hackett has been promoted from CEO of Generation Life to head up the wider Generation Development Group.
Tribeca Investment Partners has made a distribution hire from Australian Ethical in a newly-created role focused on the national intermediary market.
Asset managers may be urged to diversify their product ranges, but investment executives have warned any M&A deal should avoid simply filling gaps and instead consider long-term value creation.
Specialist wealth platform provider Mason Stevens has become the latest target of an acquisition as it enters a binding agreement with a leading Sydney-based private equity firm.
