DKN flow further boosts IOOF FUMAS
Page 1 of 1
Samantha Hodge is a journalist with InvestorDaily, a Sterling publication.
IOOF Holdings' (IFL) funds under management, advice, administration and supervision (FUMAS) have been boosted further by net flows from the DKN acquisition completed in late 2011.
IOOF posted FUMAS of $110.7 billion for the September quarter, an increase from $107.3 billion in the previous quarter.
Positive funds flow of $129 million in the advice segment included a significant contribution from DKN-badged products.
"All flagship platforms again posted positive net flows and improved market share during the period," IOOF said in a statement to the Australian Securities Exchange (ASX).
"The overall flow position into the platform segment has been assisted by lower outflows in the Global One and transition platforms," the group said.
IOOF also noted the trend of clients shifting their asset allocation from active equities and real estate investment trusts (REITs) to defensive asset classes has softened. Mandate losses from the investment management segment slowed considerably from the previous year.
Trusteeship for Avenue Capital's funds was attained in July 2012 and has been reflected as an additional $0.5 billion in platform funds.
Revenue from the Plan B acquisition, which was finalised in October 2012, will be added to market releases from the second quarter of fiscal 2013, IOOF said.
In October, Plan B underwent a series of board changes following the resignation of the dealer group's chairman and two company directors.
In a statement to the Australian Securities Exchange at the time, Plan B informed the market that company chair Bryan Taylor, executive director Craig Lubich and independent director David de Burgh had resigned.
The changes are a result of IOOF's off-market takeover bid for the dealer group being unconditional as of 27 September, the statement said.
IOOF managing director Christopher Kelaher and IOOF chief financial officer David Coulter have joined the company's board.