Ahead of its participation in several upcoming investor conferences, MA Financial Group Limited (“the Group”; ASX: MAF) updates on key 2H22 operational highlights to date, as outlined below.
- Gross fund inflows of A$733 million into Asset Management funds from July 1 to November 1 (2H22 to date), up 36% on the same period in 2H21.
- 2H22 to date net inflows of A$510 million were up 10% on the prior corresponding period.
- 87% of 2H22 to date gross inflows were non-migration related with domestic inflows up 7% and international non-migration inflows up 134% on the prior corresponding period.
- FY22 gross fund inflows to November 1 of A$1.3 billion, are up 14% compared to the same period in FY21 despite the volatile market conditions and COVID-related restrictions impacting migration flows.
- Credit Investing strategies have attracted considerable interest given volatile market conditions and interest coupons offered to investors are largely linked to official interest rates.
- Assets under Management (AUM) grew to A$7.6 billion on November 1, 2022, which compares to $6.6 billion at November 1, 2021.
- Our mortgage aggregation and technology platform business, Finsure, has added over 170 brokers to its platform over 2H22 to date, taking total brokers on platform to 2,582. This is up 24% on the 2,080 brokers on platform at October 2021. We have continued to offer new services and improved technology to our clients over the year.
- Finsure managed loans rose to A$87.6 billion at September 30, 2022, up from A$84.0 billion at June 22 and A$60.8 billion at September 30, 2021.
- Reflecting our broader strategy and significant investment into residential lending we have rebranded MKM Capital to MA Money. This is an important step as part of our vision for MA Money to become a significant player in the A$1.2 trillion residential loan market across a wide range of residential loan products including mainstream home loans.
Reflective of the Group’s ongoing positive performance and strong capital position, the Board of MA Financial approved a A$25 million on-market buyback that was announced on October 20, 2022.
The Group reconfirms its FY22 guidance for 30% to 40%.1 Underlying earnings per share growth on FY21.
Julian Biggins, Joint CEO of MA Financial commented, “The strength of the business across all three divisions is pleasing. Strong inflows into our Asset Management funds are reflective of our diverse suite of investment offerings and their demonstrated track record. Momentum continues to build in the domestic and non-migration international distribution channels which underpins our Asset Management growth ambitions”.
Chris Wyke, Joint CEO of MA Financial added, “Our ambition to establish a multi-billion diversified residential loan book over the next few years reached another milestone as we rebranded MKM Capital to MA Money. MA Money is uniquely placed through its innovative technology and access to marketing solutions. Our strategic vision is to provide our Asset Management funds with access to MA Money originated loans that offer attractive credit investment returns and in turn fund our loan books in a flexible and highly capital efficient manner”.
1. This forecast is subject to market conditions, deal completion rates and timing, no material regulatory changes and no further significant COVID-19 related disruptions. Excludes unrealised mark to market movements on investments.