GDG reaps benefits of Evidentia acquisition

Generation Development Group (GDG) has used its March quarter update to the Australian Securities Exchange (ASX) to do a victory lap based on its acquisition of Evidentia Group and a 325% increase in net inflows.

The company said that following its acquisition of Evidentia is is now the market leader across all segments of the managed accounts sector.

“The newly combined Evidentia Group funds under management (FUM) increased from $25.4 billion in December to $26.8 billion in March, with Lonsec Investment Solutions Contributing $13.3 billion in FUM – up 28% on the previous corresponding period and net inflows of $685 million, representing a year-on-year increase of over 325%,” it said.

The announcement said that Generation Life had further strengthened its leadership in the investment bonds market, reaching $3.95 billion in funds under management, up 23% on the prior corresponding period with inflows up 55% to a quarterly record of $230 million.

The ASX announcement quoted Evidentia Group chief executive, Michael Wright saying GDG had solidified its position “as the undisputed market leader in every category of the fast-growing managed accounts market.

His commentary also said that since the GDG acquisition of Evidentia, the combined group had won a number of new clients.

Lonsec Research and Ratings chief executive, Lorraine Robinson noted that the expansion of private markets products had underpinned growth in the business.

However, she noted that there had also been a number of new funds across real assets, equities and income.

The update said that bringing together the Lonsec Research and SuperRatings businesses into Lonsec Resarch and Ratings would create a strong centre of research excellence.