Weekly wrap: BFG’s profit comeback after last year’s loss

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Bell Financial Group has reported a full year after tax profit of $6.8 million, which is a huge improvement on last year’s loss of $3.2 million. 
BFG executive chairman, Colin Bell, said: “Market conditions remain challenging, but we are in good shape and well positioned to continue to grow earnings across our operating divisions”.
Underlying net profit for SFG is up 23%, it has been revealed in its half yearly announcement.  Managing director Tony Fenning said the results demonstrated solid momentum in earnings and strong underlying performance, coupled with rising equity markets. The strong operating cash flow position sees the Group with adequate cover to meets its regulatory and working capital requirements while also funding deferred acquisition payments due in 2H14.

A boutique wealth management firm has welcomed a leading chief investments officer aboard.
Bennelong Wealth Partners, Bennelong Group’s wealth management business, has announced the appointment of Dr. George Nassios to this key role. Dr. Nassios was the chief investment officer at leading international wealth management and investment bank Deutsche Bank AG, where he led the investment solution for high net worth individuals and families.

Wholesale SMSF solutions provider OneVue has announced the purchase of super trustee MAP Funds Management.
OneVue has described the move as a strategic transaction ahead of its proposed listing on the Australian Stock Exchange (ASX) this year. As part of the transaction the MAP Trustee Board will undergo a slight restructure whereby a number of existing board members will be retained and new professionals will also be appointed.
HUB has increased its FUA by a significant 61% for the half year, successfully raiding capital by $10.6 million.
Ongoing growth is expected due to increasing support from existing advisers and the momentum being gained from three new white labels which were launched in December 2013. The company delivers a platform solution for advisers and their clients with unique managed portfolio functionality.
Australian Ethical has announced its half-year results for the period ended 31 December 2013. 
The results included a net profit rise of 150%, and an underlying profit rise of 170%. “These results reflect the tremendous efforts our people have put in over the past few years, repositioning the business for long term sustainability and success. Our net flows are strong, new client numbers are almost triple what they were a few years ago and our costs are being kept under control,” said Phil Vernon, Managing Director of Australian Ethical Investment. 
Intrust Super, an industry super fund for hospitality employees, has awarded a $40 million mandate to Australian equities fund manager, Dalton Nicol Reid.
Founded in 2001, Brisbane-based Dalton Nicol Reid believes a focus on quality will enhance returns when it is combined with a thorough valuation overlay. The mandate follows a $200 million mandate awarded by IOOF MultiMix in October last year.
State Street Global Advisors (SSgA), has been awarded a mandate to manage a new dynamic currency hedging strategy for AUSCOAL Super.
Peter Mitchell, SSgA’s director of distribution, said the new strategy, Dynamic Strategic Hedging (DSH), would help AUSCOAL Super further diversify its portfolio and maximise returns while reducing currency risk, in particular downside tail risk.
The Australian Bankers’ Association (ABA) have made a submission supporting the FoFA amendments, stating that the legislation will ensure consumers have access to free, simple advice.
Steven Münchenberg, Chief Executive of the ABA, said: “These amendments are sensible and mean the legislation will operate as it was originally intended to. Unfortunately, public debate about the amendments has included a lot of misinformation. What these amendments actually do is ensure consumers continue to have access to free, simple advice on retail banking products.”
The Financial Planning Association (FPA) has submitted its recommendations to Treasury outlining positive measures to ensure that the FoFA legislation is drafted in the best interests of the Australian public.
General Manager of Policy and Conduct Dante De Gori said: “We are broadly supportive of the proposed improvements to FoFA; however, we have identified some areas for improvement in the amendments and have submitted suggested policy enhancement in those areas.