Christian Super helps drive Aust Ethical result

Australian Ethical has benefited from its merger with Christian Super reaching $10.4 billion in Funds Under Management (FUM) and helping drive an 80% lift in statutory net profit after tax to $11.8 million.
Announcing its full-year results to the Australian Securities Exchange (ASX) Australian Ethical said the growth in FUM was driven by a combination of continued positive net flows, including record Superannuation Guarantee and year-end voluntary contributions as well as positive investment performance over the period.
Commenting on the result, Australian Ethical chief executive, John McMurdo said it had been a significant year for the firm.
“The results for FY24 include the full year impact of the Christian Super SFT and we were pleased to announce the acquisition of the Altius Asset Management business in May which we expect to complete by the end of September,” he said.
“This acquisition will add a further approximately $2 billion of FUM, while expanding our sustainable fixed income capability with six new investment employees,” McMurdo said.
Discussing the outlook for FY25, McMurdo said he believed the business was set up for further growth.
“While remaining cognisant of market conditions, we remain confident of the medium-term market opportunity which is supported with structural macro themes of compulsory Australian superannuation and ethical investing,” he said.
McMurdo noted that Australian Ethical expected to finalise its transition to a single super administration provider with GROW and would be transitioning custody and investment administration to State Street as the current custodian exits.
The directors declared a final dividend of six cents per share, fully franked.
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