The Commonwealth Bank of Australia (CBA) owned ASB reported funds management income of $69 million in the 12 months to December 2014, according to the group’s half-yearly results published last week, up 16 per cent compared to the previous annual period.
In the 2013 calendar year ASB earned $60 million from its funds business, which includes the group’s KiwiSaver scheme and administrative platform Aegis.
“Funds management income continued to grow strongly at 9% [over June-December], principally due to the performance of the ASB KiwiSaver scheme,” ASB said.
Total ASB funds under administration (FUA) was up 19 per cent over 2014, growing to $14.23 billion compared to $11.94 billion as at the previous December.
During the period Aegis FUA exceeded $10 billion for the first time, ASB chief, Barbara Chapman, said in a statement.
ASB KiwiSaver’s latest quarterly disclosure statements show the scheme managed about $4.2 billion as at September 30, 2014.
The group’s funds management income per FUA hit 0.54 per cent over the six months to December 2014, down three basis points on the same half-yearly period in 2013.
At the same time operating costs for ASB’s fund division dropped almost 2 per cent over the year, down to 38.7 per cent of income compared to 40.6 per cent in December 2013.
According to the latest Aegis annual accounts, the investment platform reported a net profit after tax of almost $8.3 million over the year to June 30, 2014 on operating income of about $17 million.
Aegis paid ASB a $6.7 million dividend over the 2014 reporting period. The Aegis accounts also record a further $8.25 million divided paid in September last year.