Generation Development Group lifts HY profit, FUM up 31%
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The news: Investment company Generation Development Group (GDG) reported a leap in first-half net profit to $78.8 million, boosted by a 31% uptick in funds under management (FUM) during the period.
The numbers: GDG's first-half underlying profit more than doubled from $4.9 million to $12.4 million. Statutory profit climbed from $4.4 million to $78.9 million.
FUM grew 31% year on year to $3.8 billion.
GDG shares were up 2.4% to $5.06 at 10:30am AEDT, extending gains of nearly 180% over the last 12 months.
The context: GDG said it continued to build on sales momentum during the period, capitalising on legislative tailwinds and continued growth in the managed account sector.
The company said its recent acquisition of Evidentia Group, and subsequent merger of Lonsec's investment solutions business, will provide a combined FUM of over $25 billion.
The source: ASX
