The IOOF Holdings Limited (ASX: IFL) share price jumped 2.50% in early trade after a strong quarterly update from the Aussie wealth manager. IOOF shares are now trading for $7.94, up 1.02%.
What’s moving the IOOF share price?
The IOOF share price is climbing higher after recording net inflows of $1.2 billion for the quarter ended 31 December 2019.
The Aussie wealth manager’s funds under management, advice and administration (FUMA) came in at $145.7 billion. That’s a 5.2% or $7.2 billion increase compared to 30 June 2019.
In other good news for shareholders, that was also the highest quarterly net inflows since the June 2018 quarter for the group.
IOOF’s advice segment saw net inflows of $939 million, while its portfolio and estate administration segment also had a strong quarter with $360 million net inflows.
Advice inflows were boosted by 11 new practices onboarded during the quarter. This is despite the significant disruption in the industry following the 2018 Financial Services Royal Commission.
The group’s investment management arm saw net outflows of $145 million compared to $186 million in the prior corresponding period (pcp).
It shows the Aussie wealth manager could be turning things around after a strong 2019 performance.
The IOOF share price surged higher on the news and is currently trading for $7.94 per share, with IOOF shares now up 52.69% in the last 12 months.
How does that compare to other ASX wealth managers?
IOOF is starting to string together some strong quarterly performances with decent inflows.
Magellan Financial Group Ltd (ASX: MFG) remains the benchmark for share price performance on the ASX. The Magellan share price is up 134.45% in the last 12 months, but AMP Ltd (ASX: AMP) hasn’t fared so well.
The AMP share price is down 19.87% in the last year to $1.82 per share at the time of writing, as it struggles to turn around its fortunes in 2020.
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Motley Fool contributor Kenneth Hall has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.