Clime funds under advice rises in latest quarterly results

The company reported total funds under management reported of $1.3 billion; a 2 per cent drop on its December 2021 results.

The biggest hit came through managed funds at $336 million, down on the $365 million reported last year, while individually managed accounts also dropped to $567 million (down 3.6 per cent).

However managed funds slightly increased for the quarter to $311 million, up from the $291 million reported in December.

Meanwhile, funds under advice within the Madison Financial Group network spiked by $28 million to reach $4 billion.

Funds under administration on Clime’s WealthPortal platform also increased slightly to $597 million.

The results come after Clime last month revealed plans for growth in adviser recruitment and anticipates reporting an increase in adviser numbers in full-year 2022.

Clime confirmed this week that it also expects new practices to join Madison in the June quarter.

Clime CEO Annick Donat noted January’s appointment of CIO Will Riggall, saying Mr Riggall has “taken advantage of the market volatility to address the composition of all portfolios”.

“This has resulted in changes to the asset selection and sector allocation,” Ms Donat said.

“The benefits of these investment decisions have already resulted in strong performance of our equity portfolios in March through April.”

Ms Donat continued: “In summary, these strategies and initiatives place the company in good stead to maximise the ongoing opportunities we have underway and have positioned the group for solid growth in FY23.”

Neil Griffiths

Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.

Neil is also the host of the ifa show podcast.