Signs of life in investment world
Results from AMP, ASB Bank and Sovereign last week show their insurance businesses are doing better than investments, but there are signs of life in the latter.
Sunday, August 24th 2003, 9:51AM
AMP and Sovereign both commented in their results announcements last week that there are signs the managed fund business is starting to stabilise and even pick up.AMP had significantly higher outflows in its business compared to the corresponding period last year. However, it says there has been a significant easing of this position.
Sovereign says its funds under management and administration stayed constant at $5.3 billion. “Given the difficult environment for managed funds in general (it) is a very positive result."
"Investment markets showed an encouraging if modest recovery in the last quarter of the period, and wealth management contributed some $10 million to the overall profit for the year.”
Meanwhile, ASB Bank, reported that its financial services business had been performing well.
“Income from the provision of financial services such as managed funds, insurances and sharebroking was $46.7 million, an increase of 16%. Funds under management at year end had increased by 25% to $1.4 billion.”
Both Sovereign and AMP reported that their insurance businesses had performed better than investments. (For more details see Insurance News section).
AXA and Promina are due to report their results for the period to June 30 on Tuesday and Thursday respectively.
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