Insignia Financial reported an increase in funds under management and administration (FUMA) to $342 billion for the December quarter, a rise of $1.5 billion. This growth offset net outflows of $73 million. Insignia Financial is a wealth management and financial services company. It provides a range of products and services including superannuation, investment platforms, and financial advice.
According to Insignia Financial chief executive Scott Hartley, the FUMA increase was supported by positive market movements and encouraging net inflows into Wrap, as well as continued net inflows into Asset Management’s retail multi-asset and Managed Accounts offerings. The company experienced institutional outflows of $1.6 billion and $758 million in master trust redemptions during the quarter.
These outflows were partially offset by $1.5 billion of net inflows into wrap and $779 million into multi-asset solutions. Hartley acknowledged the ongoing challenge of master trust outflows in the advised and personal channels. However, he noted that a significant program is underway to align and improve adviser service experience and product offerings, as well as enhance engagement with members.
The company also highlighted the strong adoption of MLC managed accounts, which grew FUM to $4 billion. Insignia Financial aims to become Australia’s leading diversified wealth manager by 2030, and the company also pointed to several award wins for MLC products.
