iFast's assets under administration up 44.5% to $14.45b

SINGAPORE (THE BUSINESS TIMES) – Wealth-management platform iFast Corporation on Wednesday (Jan 6) announced that its assets under administration (AUA) hit a record $14.45 billion as at Dec 31, 2020.

This represents a year-on-year growth of 44.5 per cent from $10 billion and a quarter-on-quarter increase of 14.8 per cent from $12.59 billion, said the Singapore-headquartered firm in a bourse filing.

Its AUA were up across all core markets in which it operates, with Singapore taking the lead – up 52.8 per cent year on year to $10 billion as at Dec 31, accounting for nearly 70 per cent of overall group AUA.

In terms of products breakdown, unit trusts continue to be the cornerstone of the wealth-management business. As at Dec 31, AUA for unit trusts grew 31.8 per cent year to account for about three quarters of overall AUA.

Mr Lim Chung Chun, chairman and chief executive of iFast Corp, said: “Our continuous focus on building a strong integrated digital wealth management platform to better serve global investors has enabled us to face the challenges brought about by Covid-19 from a position of strength and with greater agility.”

Shares of iFast Corp closed up $0.02 or 0.6 per cent to $3.31 on Wednesday.

More on this topic

Source: Read Full Article