Clime posts FUM increase
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Samantha Hodge is a journalist with InvestorDaily, a Morningstar publication.
Clime Investment Management (CIW) has posted an increase in funds under management (FUM) for the quarter ended 30 June 2012.
Clime's FUM rose $8 million quarter-on-quarter to $293 million for the June quarter, despite adverse market conditions.
Clime executive director and chief investment officer John Abernethy cited higher inflows and good fund management for the increase.
"It doesn't look like much but the market was down 6.4 per cent, so if we hadn't grown FUM we would have dropped by $7-8 million. Instead we grew by $8 million," Abernethy told InvestorDaily.
"I think our portfolios were down about 3 per cent in the quarter, so about half of the market. [But] we had inflows of around $15 million for the quarter [offsetting the market dip]," he said.
Since Clime switched to the Macquarie Wrap two weeks ago, the financial services company has seen flow acceleration, he said.
He also explained that good company performance has supported the FUM growth.
"We continue to get a lot of enquiries from self-managed super funds. We're getting continual enquiry directly from people who find us on word-of-mouth or performance," Abernethy said.
"Our performance has been pretty good consistently now over a long time. It's not a flash in the pan. Maintaining performance will maintain growth," he said.
Clime will announce its interim results in late August, in which it expects reversal of first half-year losses.