New applications spur wealth management growth
Wealth management services provider Bravura Solutions has foreshadowed development of new wealth management applications over the next year to maintain the strong results it achieved for the year ending June 30, 2006.
The company believes the development of Sonata, an enterprise-wide technology platform that enables administration of retirement savings, investment, portfolio management and risk products, will be key to ensuring it remains competitive.
Bravura yesterday announced earnings before interest and tax of $3.313 million for the financial year, a 94 per cent increase from 2005.
The company’s commitment to ongoing development was further reflected in the announcement that annual investment in research and development had increased from $0.157 million to $4.670 million.
Revenue also grew 210 per cent from $9.757 million to $30.253 million, with 73 per cent of the company’s revenue falling within the Australian segment.
“[Bravura’s growth] reflects both the growth in the global market for wealth management software and services to support rising retirement savings balances and increased government focus around the world on long-term savings,” said Bravura Solutions managing director and chief executive officer Iain Dunstan.
Over the coming year, the company will focus on growing its financial services consulting practice domestically while, globally, it aims to be a single supplier of both asset and liability software.
AUTHOR
Recommended for you
Pendal has told investors it will start winding up its Enhanced Credit fund from December, its third fund closure this year.
A potential acquisition of Platinum Asset Management by Regal Partners will be beneficial for the “challenged” fund manager, believes Morningstar, but it has warned fund management mergers don’t always run smoothly.
Fund managers made a “big shift” into bond-sensitive sectors like utilities in September and away from cyclicals, while risk appetite is at an 11-month low.
Ahead of the RBA’s upcoming monetary policy meeting next week, BlackRock Australasia has reaffirmed the market’s view that rate cuts are likely out of the picture for 2024.
