|
IntegraFin Holdings PLC on Tuesday reported a ‘solid’ performance even as funds under direction dipped in its third quarter due to market turbulence.
Funds under direction closed June at £50.30 billion, down from £53.50 billion at the start of the quarter. At June 30, 2021, funds under direction stood at £50.31 billion, so largely in-line year-on-year.
The decline in funds under management was a result of ‘continuing macro-economic and geo-political events impacting both stock and bond markets’, the London-based investment platform said.
Gross inflows for the quarter were £1.70 billion and net inflows were £1.00 billion ‘in spite of a difficult economic and market environment’. This was down from £1.99 billion and £1.34 billion respectively a year ago. Outflows of £703 million were only slightly above £657 million a year prior.
‘Furthermore, our gross inflows and net inflows for the financial year to date remain ahead of the prior year comparative. This is a solid performance, considering the economic and market headwinds in 2022,’ the company said.
Additionally, the rate at which new clients and advisers are joining the platform remains ‘consistently strong’.
IntegraFin said it expects total staff costs to increase 16% for the full-year following recruitment made to date. There should be a similar level of staff cost percentage increase in the 2023 financial year and a rise of 9% in the 2024 year, with this guidance including the expected impact of wage inflation.
‘We confirm that after these IT and software development staff have been recruited, we then do not expect any material levels of recruitment in these areas in the period to end of FY27,’ it said.
Shares in IntegraFin were down 3.1% at 241.40 pence in London Tuesday morning.
Copyright 2022 Alliance News Limited. All Rights Reserved.
|
