Insignia Financial's (ASX: IFL) third-quarter report for 2024 indicates a rise in Funds Under Management and Administration (FUMA) by AU$11.7 billion, reaching AU$312.3 billion, a 3.9% increase. The firm experienced AU$1.7 billion in net outflows, largely due to the consolidation of its wrap platforms. Notably, the Expand platform attracted strong net inflows of AU$512 million. The completion of the MLC Wrap migration to Expand and ongoing strategic initiatives are set to yield significant cost savings and improvements in service delivery.
FUMA saw an increase across both management and administration segments, and despite a reduction in adviser numbers, primarily due to the restructuring of the Godfrey Pembroke license, Insignia remains optimistic about future inflows and operational efficiencies. The company continues to expand its investment offerings, highlighted by the launch of MLC Private Equity Partners LP, aiming to enhance its private equity capabilities.
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