Generation Development Group shares climb on FUM growth
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More news: Shares in Generation Development Group advanced on the ASX after the investment company posted a 31% rise in funds under management for the 12 months to December.
GDG shares were up 4.6% to $4.25 by 12:15am AEDT, having more than doubled in valued over the last year.
Generation Development Group posts 31% rise in FUM
The news: ASX-listed investment company Generation Development Group reported a 31% rise in funds under management (FUM) for the 2024 calendar year.
The numbers: GDG posted total FUM of $3.84 billion by December-end, up from $2.93 billion a year earlier. FUM grew $254 million in the fourth quarter, up 61% on the previous corresponding period. The company reported its first monthly inflows of over $100 million in December.
The context: GDG said it has "several initiatives" planned for the second half of the financial year, including offering more tax optimised investment options for its investors.
Those investment options are expected to have an effective tax rate of between 10% and 15% for investors, the company said.
Investment research and consultancy Lonsec, which GDG acquired in June, saw an FUM increase of 8.3% quarter over quarter to $12.7 billion.
The source: ASX announcement
