Treasury Group posts $6.8m half-year profit
Treasury Group has reported a half-yearly net profit of $6.76 million following improved market conditions and strong performance from a number of its boutique funds management companies.
This represents an increase of 12 per cent in net profit from the 2013 corresponding period.
Underlying profits increased by 30 per cent from the first half of last year, up to $7.2 million, with RARE Infrastructure (RARE), Investors Mutual (IML) and Celeste Funds Management (Celeste) the main companies driving profit over the half.
The net retail inflows for these three companies increased significantly from $204 million in the first half of the 2013 financial year to $385 million this half.
Funds under management totalled $19.1 billion at 21 December 2013, with an increase of $2.2 billion or 13 per cent from the previous corresponding period.
Treasury Group managing director Andrew McGill said funds under management inflows from retail investors has helped drive high average margins across the portfolio and increased profits.
“During the period, management was proactive in relation to management of TRG’s portfolio, including in relation to the sale of TAAM, the merger of Evergreen with Freehold Investment Management and the restructure of Orion,” said Mr McGill.