Powerhouse in the Aussie fixed income space

IAM is quietly becoming a powerhouse in the Aussie fixed income space and the latest numbers tell the story.

FY2025 cashflow receipts are surging:Brokerage & Fees: up from $1.7M in Q1 to $3.5M in Q4 – a 106% jump.
Securities Trading: rebounded strongly, from $1.1M in Q3 to $2.9M in Q4.

Big numbers on the books:$3.9B assets under administrationFunds under advice up 28% to $2.37B

IAM is making fixed income more accessible for retail investors with its Single Bond ETFs, and the cost-saving tie-up with Perpetual Corporate Trust is improving margins already cutting about $2.5M a year from costs and streamlining $1.8B in client assets.

The business has been landing major debt capital market deals, including a $300M bid into Macquarie’s Tier 2 public issue and leading a $175M note issuance for Magnetic Rail Group.

Valuation snapshot:Market cap: $28MCash: $6.3M (no dilution risk, solid runway)Near cashflow positive.

There are challenges - some legal headwinds, market volatility in debt origination, and execution risk with new products but the fundamentals are lining up. The next catalyst could be deeper synergies with Perpetual Corporate Trust, which may further lift profitability and service levels.

Not advice, but IAM looks like a quiet achiever that might be flying under the radar.