Insignia Financial funds edge up in Q2 as net outflows reach $73m
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The news: Wealth manager Insignia Financial added $1.5 billion to its funds under management and administration (FUMA) in the December quarter, despite reporting net outflows of $73 million during the period.
The numbers: The result marked a 0.4% uptick in FUMA to $342 billion as at 31 December.
Insignia's wrap platforms business saw funds under administration rise 3%, or $3.2 billion, to $110.4 billion. Its master trust business reported a 1.2%, or $1.7 billion, drop in funds under administration. Funds under management in its asset management arm fell 0.1%, or $66 million, to $94.5 billion.
Insignia said outflows were driven by institutional outflows of $1.6 billion from its asset management business, and $758 million of net outflows from its master trust arm.
The context: Insignia CEO Scott Hartley said the FUMA increase was supported by positive market movements and "encouraging" net inflows into its wrap platforms business.
Hartley said master trust outflows "remain a challenge" and flagged that a "significant program of work" is underway to "align and uplift adviser service experience, product proposition and enhance engagement with members".
The source: ASX
