Fiducian Group Ltd
ASX:FID
Fiducian Group Ltd
Fiducian Group Ltd. provides financial services and solutions to both individuals and organizations. The company is headquartered in Sydney, New South Wales. The company went IPO on 2015-02-09. Its segments include Funds Management, Financial Planning and Platform Administration. Through Funds Management segment, the Company acts as responsible entity for managed investment schemes and separately managed accounts through its subsidiary, Fiducian Investment Management Services Limited. Financial Planning segment offers specialist financial planning services through the Company’s subsidiary, Fiducian Financial Services Pty Ltd. Through Platform Administration segment, the Company acts as an Registrable Superannuation Entity of a public offer superannuation fund, which is offered on its wrap platform through its subsidiary, Fiducian Portfolio Services Ltd. The company also acts as an operator and responsible entity of an Investor Directed Portfolio Service and the Fiducian Investment Service.
Fiducian Group Ltd. provides financial services and solutions to both individuals and organizations. The company is headquartered in Sydney, New South Wales. The company went IPO on 2015-02-09. Its segments include Funds Management, Financial Planning and Platform Administration. Through Funds Management segment, the Company acts as responsible entity for managed investment schemes and separately managed accounts through its subsidiary, Fiducian Investment Management Services Limited. Financial Planning segment offers specialist financial planning services through the Company’s subsidiary, Fiducian Financial Services Pty Ltd. Through Platform Administration segment, the Company acts as an Registrable Superannuation Entity of a public offer superannuation fund, which is offered on its wrap platform through its subsidiary, Fiducian Portfolio Services Ltd. The company also acts as an operator and responsible entity of an Investor Directed Portfolio Service and the Fiducian Investment Service.
Strong Asset Growth: Fiducian's funds under management, advice, and administration (FUMAA) grew to $12.34 billion, up 13% from the previous year, with an even higher base of $12.6 billion reached by August.
Fee Reductions: The company reduced fees in response to APRA and market pressure, resulting in about $1 million less revenue for FY23, but this is now fully absorbed.
PCCU Acquisition Impact: The acquisition of PCCU added significant staff costs and initially resulted in a cash loss, but the business is now cash positive and seen as a future growth driver.
Consistent Inflows: Unlike major peers experiencing outflows, Fiducian continued to deliver net inflows across its platform and funds management segments.
Margin Resilience: Despite headwinds, profit before tax margins in platform administration remained steady at around 66% of gross revenue, and funds management maintained stable margins.
Revenue and EBITDA Dynamics: Operating revenue rose 6% mainly due to acquisitions, but EBITDA declined by 3% due to higher costs and lower average assets.
Positive Outlook: Management is optimistic for FY24, with higher starting asset levels expected to drive further revenue growth even if markets remain flat.
