Organic funds growth, tight cost control and accretive acquisitions are key to good earnings growth.
Our fair value estimate of AUD 10.30 for narrow-moat IOOF remains unchanged following strong growth in funds under management, administration and advice, or FUMA, in the fourth quarter of fiscal 2018. This continues the strong FUMA growth of the last two fiscal years. We expect continued organic FUMA growth in the next five years but at a slower pace than the previous five and with more margin compression. These results also exclude the impact of ANZ Wealth, with substantial completion of this a...IOOF Holdings is engaged in the financial services industry. Co. provides a range of wealth management solutions for Australians, including: financial advice and distribution services via its network of financial advisers and stockbrokers; platform management and administration such as superannuation and investment administration platforms for advisers, their clients and employers in Australia; investment management products that are designed for investors; and trustee services, including estate planning and administration, personal trustee services, self-managed super fund solutions and corporate trust.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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