Fiducian Group posts record net inflows
Fiducian Group has reported net inflows of $309 million – its highest ever – for 2022 financial year from its network of 86 financial advisers, its results show.
This is an increase from the $228 million reported in the previous year.
In its results for the year ended 30 June, the group said underlying net profit after tax was $15.7 million, which is an 11% increase on the $14.1 million delivered in the 2021 financial year. Statutory net profit after tax increased by 9% to $13.3 million, from $12.2 million previously
The underlying earnings per share grew 11.1% from 44.9 cents in 2021 to 49.9 cents in 2022.
Combined funds under management and administration (FUMAA) rose 5% from $10.4 billion to $10.9 billion, despite the impact of the market sell-off that dominated the opening half of the 2022 calendar year.
During the year, the acquisition of the financial planning business of South Australia's People's Choice Credit Union added $1.1 billion under advice at the time and provided 40 persons comprising financial advisers and support staff to Fiducian.
Indy Singh, executive chairman of the Fiducian Group, said: “Management and the board remain positive for further growth of Fiducian in the future. Wars always end and modern medicine finds cures for pandemics.
“Our expanded network of financial advisers is expected to deliver funds flows that exceed our recent record breaking year. Significant effort is being directed to distribution of new products and services and as well, we remain on the lookout for further earnings per share accretive acquisitions of client bases.
“As is always the case, the recent market volatility may likely be offset by strong share market growth in years to come and we intend to capitalise on this transformation for the benefit of our shareholders, stakeholders and people.”
Recommended for you
The UK-based global asset manager has formed a new group executive committee to accelerate its growth strategy following the commencement of its new CEO this month.
Momentum Media has announced 26 winners across 10 individual and 15 group categories for its brand-new Australian AI Awards.
The financial services industry is currently “overwhelmed with quality and quantity of candidates”, Kaizen Recruitment explains, leading executives to face 12-month long recruitment processes.
Zenith Investment Partners has appointed an experienced research executive as its new group head of research following the departure of Bronwen Moncrieff.
