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IOOF struggles but remains in black
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| Tony Robbinson
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Funds management and financial services group IOOF Holdings has reported a net profit after tax of $9.1 million for the six months ended December 31.
The group, which is the subject of a merger with Australian Wealth Management, said funds under management and administration stood at $23.7 billion at December 31.
Commenting on the result, chief executive Tony Robinson said it demonstrated that the group was responding well in a very difficult economic environment.
“The business units are performing well and have delivered a solid operating result despite current adverse market drivers,” he said.
Looking at IOOF’s individual businesses, Robinson said Portfolio Solutions had performed well with its flagship platform product, Pursuit, continuing to gain momentum in net inflows of $200 million for the first half.
He said the Perennial business had had a strong focus on costs to mitigate market driven revenue contraction for the period, while also launching two new fixed income products during the period to meet investor demand.
AUTHOR
Mike Taylor
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