Fiducian Group Posts Lower March Quarter Inflows, Higher Outflows; Shares Up 4%
Fiducian Group (ASX:FID) said net inflows to its core platform from the aligned dealer group for the quarter ended March 31 were AU$45 million, down from AU$59 million in the same period a year earlier, according to a Wednesday Australian bourse filing.Year-to-date inflows were AU$223 million, compared with AU$245 million last year, the company said.The company said net outflows from legacy independent financial advisers for the quarter were AU$17 million, bringing year-to-date outflows to AU$67 million, compared with AU$7 million and AU$41 million, respectively, in the prior corresponding periods.Fiducian Group said funds under management, administration, and advice as of March 31 totaled AU$14.5 billion, up from AU$13.9 billion a year earlier, with the badged platform and Auxilium fund balance at AU$250 million.The company said a pecuniary penalty of AU$7.3 million and Australian Securities and Investments Commission's legal costs of up to AU$650,000 relating to its investigations and legal proceedings have not yet been paid.The company's shares rose past 4% in recent Wednesday trade.