Investors going ethical boost FUM
Wealth manager Australian Ethical Investments posted a 32 per cent increase to $1.17 billion in funds under management for year end 30 June 2015, thanks to new inflows and asset management performance.
The firm's net inflows almost doubled to $179 million for the year, up 96 per cent, and its revenue increased six per cent to $21.2 million.
However, the company's reduction in fees on its superannuation fund, issues arising from the transition to a new remuneration structure, and a further impairment on its property in Canberra led to a 23 per cent decrease in net profit after tax to $1.97 million.
Managing director, Phil Vernon said as investors become more frustrated with the lack of political action on climate change, they are looking for opportunities to use the power of their investments to drive positive change in the economy.
"We are also seeing the results of a period of operational review and renewal in recent years. The changes we made to the senior leadership team, remuneration structure, competitiveness of our products and business strategy continue to play out, and are reflected in our growth," he said.
Recommended for you
Magellan Financial Group has terminated three funds in its Core Series, including a sustainable fund and ESG fund, having determined they are “unlikely to achieve the necessary scale”.
Pacific Current Group has used its AGM to detail its long-term growth plans after a period of multiple divestments and the progress of plans for a share buyback.
Money Management and principal partner, Mortgage Choice, are proud to announce 30 winners for the annual Women in Finance Awards 2024.
Pitcher Partners has urged caution about the use of private credit funds, despite a widespread push by fund managers on the benefits of the products.
