Christian Super acquisition delivers for Australian Ethical
The degree to which Australian Ethical’s acquisition of Christian Super has driven its funds under management (FUM) growth has been driven home by the company’s June quarter update to the Australian Securities Exchange (ASX).
The company reported a 48% increase in full-year FUM to $9.20 billion.
The contribution of Christian Super was reinforced by Australian Ethical reporting positive net flows of $85 million in June, taking flows for the quarter to $172 million with the company commenting that these net flows were “boosted by record super guarantee and super voluntary contribution amounts received in June”.
It said that FUM was also bolstered by solid investment performance of $266 million during the quarter and $608 million for the year.
The merger of Australian Ethical and Christian Super was announced in April, last year, not long after Christian Super was deemed to have falling short on the Your Future, Your Super (YFYS) performance test.
The Australian Ethical ASX update revealed that in terms of fund flows by product for the year to 30 June, Christian Super had accounted for $1.93 billion.
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