Remuneration model changes drops Iress NPAT
Iress has reported a net profit after tax reduction of five per cent for H119, after the adoption of the new lease accounting standard, the QuantHouse acquisition, and increased share-based payments following changes to remuneration models in recent years.
In an announcement to the Australian Securities Exchange (ASX) Iress said its group operating revenue increased five per cent to $241.8 billion and segment profit increased 10 per cent to $74.1 million on the previous corresponding period (PCP).
Its APAC operating revenue was up three per cent to $128.2 million, the announcement said.
“Revenue growth was driven by underlying performance in Australia, the UK, South Africa, and the acquisition of market data business QuantHouse,” it said.
Iress chief executive, Andrew Walsh, said: “Our clients are particularly focused on data capabilities and automation as they seek to meet significant change in the regulatory and operating environment, drive business growth, and enhance their customer experience.”
The firm said it expected to report a segment profit growth in 2019 of between six to 11 per cent ($146 million to $153 million).
“Beyond 2019, we expect a continuation of significant industry change and a climate of economic and structural uncertainty,” it said.
Recommended for you
The alternative investment manager has signalled its intentions to repackage an existing fund into a second private equity vehicle, targeting both listed and unlisted opportunities.
The acquisition of Mason Stevens by Adamantem Capital has reached completion, as the wealth platform looks to increase investment into its services for Australian wealth practices.
Platinum Asset Management and VanEck have both announced name changes to multiple of their ETFs to clarify their complexity.
Active ETFs are gaining traction in Asia-Pacific as wealth managers seek to blend the low-cost fees of passive with active management.
