Funds management drives Mirvac
A solid contribution from funds management has helped drive Mirvac Group to a 26 per cent increase in profit for the year ended June 30.
Mirvac managing director Greg Paramor said the result was directly attributable to the Funds Management and Development divisions, which had worked together to deliver a stable stream of resilient earnings.
Among the company’s operational highlights for the past financial year was the establishment of $677.5 million in new wholesale funds and a $100 million a year mandate from big industry superannuation fund, Australian Super.
Paramor said the group’s Funds Management Division had performed strongly during the year achieving a 47.4 per cent increase in net profit after tax of $529.4 million.
He said that as at June 30, the division had $13.3 billion of activities under control across internal and external funds management.
AUTHOR
Mike Taylor
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