The decline in world investment markets has dented Perth-based wealth management company Plan B Group Ltd's funds under management, administration or advice.
Below is the announcement:
Plan B Group Holdings Limited ("Plan B" or the "Company") wishes to announce that Funds under Management, Administration or Advice ("FUMA") as at 30 September 2008 was $1.62 billion.
During the quarter ended 30 September 2008, total FUMA held on Plan B's platforms decreased by 4.2% to $1.56 billion compared with the position at 30 June 2008 as a result of the well publicised decline in world investment markets.
The PFS Affinity Partner component of the FUMA held on Plan B's platforms grew by 14.2% over the quarter to $115 million. The strong growth in this segment of Plan B's business highlights the emerging benefits of the PFS Affinity Program of compatible partners.
Funds under advice not held on Plan B's platforms, which generate revenues at a lower rate compared with funds on Plan B's platforms, decreased from 8.0% of total FUMA at 30 June 2008 to 3.2% of total FUMA at 30 September 2008.
The reduction was primarily due to the termination by the Company of a PFS Affinity partner agreement during the quarter, as advised in a previous ASX release. This former PFS partner had not embraced the integrated PFS offering and held no funds on Plan B's platforms. Consequently, the impact upon Group revenue from this exit is insignificant.
One new PFS Affinity partner joined the program during the quarter such that the total number of partners remained stable.
