Insignia Financial posts 1.5% drop in funds as quarterly outflows hit $1.8b
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The news: Wealth manager Insignia Financial reported a 1.5% slide in funds under management and administration (FUMA) during the March quarter, as total net outflows came to $1.8 billion.
The numbers: FUMA decreased by $5 billion to $321.8 billion during the quarter. The company attributed the decline to "challenging investment markets."
The quarter also saw Insignia sign an agreement with fund administrator SS&C Technologies to transform its Master Trust business. Insignia said it expects to transition its in-scope Master Trust functions to SS&C by mid-2025.
The context: Insignia CEO Scott Hartley noted last week's decision to extend the exclusivity periods for both Bain Capital and CC Capital in relation to their vying proposals to acquire the company.
What they said: "We remain focused on ensuring the best outcome for shareholders from this process, while also continuing to deliver our strategic priorities to build the foundation for resilient and sustainable growth," Hartley said.
"We continue to focus on delivering our remaining FY25 initiatives, including accelerated cost optimisation and the Master Trust transition to SS&C and continuing to execute on our business plan."
The source: ASX
