ClearView has announced its 2016 interim results, which show funds under advice have risen 9% to $8.1 billion.
Operating net profit after tax for ClearView's advice business was down 63% on 1H15, which ClearView attributed to a "reallocation of part of the dealer group support costs that were previously absorbed by the life insurance segment, coupled with the further investment in adviser support services to support a large adviser base."
The company's life insurance and wealth management businesses performed better in the half-year results, delivering operating NPAT boosts of 66% (to $12.1 million) and 18% (to $1.3 million) respectively.
Overall underlying net profit after tax was $13.4 million, up 35% on the previous corresponding period.
"ClearView has now established a strong platform to drive momentum and has in the first half started to convert its strategic positioning into material earnings growth," said ClearView managing director Simon Swanson.
"ClearView is implementing a high growth strategy with the goal of attaining 5% of the life insurance profit pool, building a material wealth management business and a high quality financial advice business. We are well positioned, notwithstanding recent market volatility, thanks to our Life Insurance and Wealth Management divisions which offer complementary products and services over the economic cycle."
It is often said by equity managers with a mandate to scour the entire globe for investment ideas that getting the geographic allocation right in any given year is the most important driver of returns.
That's ... Watch video
We invite you to watch our latest video featuring Bell Direct chief executive officer Arnie Selvarajah.
In the video and accompanying article he explains how easily the increasing number of advisers using ... Watch video
We invite you to watch our latest video featuring the head of ANZ ETFS, Kris Walesby.
In it he introduces a new ETF, due for launch later in July, which tracks the Euro Stoxx 50 index of major companies ... Watch video
We invite you to watch our latest video featuring Zurich Investments senior investment strategist Patrick Noble.
The question of how to generate a satisfactory return to meet investors' needs is becoming ... Watch video
Financial Standard editor Mark Smith presents a roundup of the week's biggest industry news and executive appointments. In this week's news:
QIC and Future Fund back $3bn renewable fund
A strategic partnership ... Watch video
Get it Daily
FREE to your inbox, get the Financial Standard Daily Email.