Business
IOOF funds pass $200b despite super outflows; execs take pay cut – Sydney Morning Herald
IOOF has reported a record level of funds under management while executives trim bonuses and pay ahead of the company’s full year results and the CEO warns of greater economic uncertainty to come.
The recent uptick in sharemarkets had been the major contributor to the increase in FUMA by $6.7 billion for the quarter, according to Mr Mota, but he warned of the ongoing financial impact of the coronavirus crisis.
The FUMA growth came despite net outflows of $93 million in the firm’s core financial advice business, $51 million in its investment management business and $183 million from the former ANZ pensions and investments business. The outflows were offset by $398 million in net inflows t…
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