Given the broadly poor state of local and global markets, and the recent turmoil of Royal Commissions, this isn’t a bad update at all, imo. Nobody likes to see FUMA reduce but -2.7% isn’t dramatic all things considered. Quarterly Highlights:
• Positive net inflows; $18 million underpinned by net-inflows into Workplace Super, Advised Platforms and MLC retail asset management offerings, reflecting a continued improvement in net flows. • Group Funds Under Management and Administration (FUMA) of $317.2 billion, impacted by market volatility and down $8.6 billion (-2.7%). • Increasing use of Evolve-based advisory platforms by advisers; up 7%. • Advice restructuring continues to remove subsidies and improve efficiencies. • 98% of advisers have now successfully completed the financial adviser exam. • AET sale process commenced.
IFL Price at posting:
$3.60 Sentiment: Buy Disclosure: Held
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