Equity Trustees posts funds growth, net profit down
Equity Trustees has reported a 19% growth in funds under management, administration and supervision (FUMAS) to $101 billion in the year ended 30 June, while net profit before tax fell to $30.3 million compared to $31.3 million in FY19.
Following this, after breaking through $100 billion at year end FUMAS continued to grow and amounted at $115 billion in August 2020 as investors continued to choose Equity Trustees’ strategy of investing for growth, the company said in the announcement made to the Australian Securities Exchange (ASX).
The increase also helped drive revenue 3% higher to $95 million while the lower net profit before tax reflected the group’s continued investment in preparing for new business, the firm said.
Net profit after tax was also down due to the impact of volatile markets, continued investment in people and technology and a tax provision relating to the tax treatment of an acquisition made in the 2011 financial year.
The board of directors also announced that shareholders would receive a final dividend of 43 cents per share, resulting in the total dividend for the year being unchanged at 90 cents per share.
Equity Trustees also announced that chair Jeff Kennett and Alice Williams would step down as a part of good governance and planned board succession.
"I am happy to announce that the board has resolved that Ms Carol Schwartz AO will succeed me as chair of Equity Trustees, again from the AGM," the firm said in the statement.
She is a non-execuItive director of the Reserve Bank of Australia, a member of the advisory board of Qualitas Property Partners, former chair of Industry Superannuation Property Trust and a former director of Stockland Group.
AUTHOR
Oksana Patron
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