Further declines in world investment markets have affected wealth management company Plan B Group Holding's funds under management, administration or advice.
The announcement is below:
Plan B Group Holdings Limited ("Plan B" or the "Company") wishes to announce that Funds under Management, Administration or Advice ("FUMA") as at 31 December 2008 was $1.46 billion. This represents an overall decrease in FUMA of 9.6% as compared to the position as at 30 September 2008.
Total FUMA held on Plan B's platforms decreased by 12.3% to $1.37 billion compared with the position at 30 September 2008 as a result of the further decline in world investment markets during the quarter.
The Company experienced a decrease in the level of gross outflows from its platforms as compared with both the previous quarter and the average quarterly outflows during the prior financial year. With clients making fewer withdrawals, net outflows during the December 2008 quarter were less than 0.2% only of opening FUMA at the beginning of the period. This pleasing aspect of the Company's performance, notwithstanding the market conditions that prevailed, reinforced the benefits of Plan B's properly educated and disciplined client base.
Funds under advice not held on Plan B's platforms increased from 3.2% of total FUMA at 30 September 2008 to 6.1% of total FUMA at 31 December 2008. The increase was primarily due to the completion of an acquisition undertaken by one of the Company's PFS Affinity Partners in December 2008.
