IOOF posts hike in funds under advice

In a statement on the ASX, the financial services group said it achieved net flows of $232 million thanks to strong flows from Shadforth, Lonsdale and Ord Minnett. Funds under advice and distribution stood at $49.4 billion, up from $47.7 billion a year ago.

In addition, IOOF reported that net flows to its platforms hit $32 million during the same quarter, bringing its funds under platform management and administration to $34.5 billion, up from $33.6 billion for the same time last year.

IOOF's investment management business experienced little growth, with its funds clocking in at $19.6 billion, only slightly more than last year's $19.3 billion.

The group's managing director, Christopher Kelaher, said this "subdued" quarter was a result of IOOF selling its interests in two Perennial investment management boutiques to Henderson Group. These include Perennial Fixed Interest Partners and Perennial Growth Management.

"Our advice businesses are performing well and our flagship platforms are demonstrating consistent growth," Mr Kelaher said.

"We have significantly reshaped our investment management business with the divestment of the Perennial boutiques to focus on our core multi-manager offering."