GDG +37.13%: Surged higher after its June-quarter update comfortably beat expectations, led by much stronger inflows across Evidentia and Generation Life.
Group FUM reached A$46.4 billion, up 36% year-on-year, with Evidentia increasing 37% to A$40.5 billion and Generation Life rising 35% to A$5.95 billion.
Key highlights:
- Evidentia quarterly net inflows of A$3.5 billion, well ahead of expectations.
- Generation Life net inflows of A$341 million.
- Generation Life sales inflows of A$442 million, up 39% year-on-year.
- Lonsec product coverage increased 9% to more than 2,000 products.
- iRate subscribers rose 13% to 5,629.
Evidentia’s result included the A$1.8 billion transition of the Xplore Wealth portfolio and a further A$280 million mandate, although underlying momentum also remained strong.An excellent update and the share-price reaction reflects how far the result exceeded expectations, particularly in the context of where the shares were trading.
MM is bullish GDG
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