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  • Financial services company IOOF reached $149.5 billion in funds under management, advice and administration
  • CEO Renato Mota said the increase shows organic growth during challenging times for the sector
  • IOOF’s share price is up 6.92 per cent today, currently sitting at $5.87 per share

Financial services company IOOF has increased funds under management, advice and administration to $149.5 billion.

The ASX 200 lister’s seen its share price rise almost seven per cent today, currently sitting at $5.87 per share.

According to IOOF’s CEO Renato Mota the quarter inflows are the best the company has seen since June last year.

“It demonstrates the strong organic growth momentum achieved in a challenging year for the industry,” Renato said.

The company’s funds under management, advice and administration during the 2019 financial year increased almost 19 per cent, by $23.6 billion.

Renato attributed IOOF’s success during a tough period to the company’s emphasis on financial advice, resetting its organisational culture and client relations.

The launch of IOOF’s Insignia Wrap, a financial advisory platform, was a success brining in $5.6 billion in funds under advice in its first eight months.

“As an advice-led business, supporting a broad range of platform solutions for our clients and advisers ensures we continue to adapt to the changing market,” Renato added.

Net inflow for portfolio and estate administration is $561 million, financial advice is $432 million and investment management net outflow is $181 million.

IOOF’s share price is up 6.92 per cent today, currently sitting at $5.87 per share with a market cap of $2.06 billion.

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