Insignia shares lower on Q1 outflows
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More news: Shares in Insignia Financial dipped on the ASX after the wealth manager reported net institutional outflows of $1 billion during the September quarter.
Insignia shares fell 2.4% to $3.01 by 1:45pm AEDT, having gained around 45% over the last 12 months.
Insignia lifts funds under management and administration despite outflows
The news: Wealth manager Insignia Financial has lifted its funds under management and administration despite solid institutional outflows during the September quarter.
The numbers: Insignia said funds under administration rose 3.1% in the quarter to $228.8 billion at September-end, helped by positive market movement, while funds under management were up 1.6% to $90.8 billion. This came despite net institutional outflows of $1 billion during the quarter within the low margin Direct asset management capabilities.
The context: Chief executive Scott Hartley attributed the growth in funds to market movement and said this provides opportunities for the group to drive efficiencies and economies of scale.
What they said: “We remain on track to deliver our FY25 initiatives including separation from NAB, accelerated cost optimisation, embedding our new operating structure and and announcing our FY26-30 strategy,” Hartley told investors.
The source: ASX announcement
