Aus Ethical hits $10bn in FUM target

Australian Ethical has reported a seven per cent increase to reach over $10 billion in funds under management (FUM) in the three months to 31 March, after strong net inflows were recorded for the quarter.

The fund manager had a total of $9.67 billion in FUM by the end of December 2023, with managed funds accounting for $2.04 billion and superannuation accounting for $7.63 billion. By the end of March, this had grown to $10.33 billion with $2.19 billion in managed funds and $8.14 billion in superannuation.

John McMurdo, Managing Director of Australian Ethical, said it was a “significant milestone” to have achieved this last quarter.

“We’ve seen another quarter of positive flows due to continuing organic customer growth, increased superannuation guarantee contributions and strong investment performance.

“This result points to the success of our growth strategy, which has seen us increase scale to serve the growing addressable market more effectively. We are continuing to deliver on Australian Ethical’s Theory of Change, the dual purpose of which is to help people, animals and the planet thrive, and our customers prosper through their choice of ethical investments.”

Australian Ethical reported $137 million in net flows for the March 2024 quarter, attributed to rising superannuation guarantee contributions and new customers. It also said it enjoyed an investment performance of $531 million during the quarter.