MAF -21.76%: the asset management company traded down to nearly 2-year lows today on news the Australian Government was looking at changes to the Special Investment Visa (SIV) process. Under the current system, migrants can effectively skip the queue before investing $5m in approved investment schemes, of which MA Financial run a number of products for. Currently, around 50% of the total $7.2b under management comes from high net worth investors, however, MA Financial said the figure coming from SIVs is closer to 37%. The company reiterated FY22 guidance (December yearend) of 30-40% growth in underlying EPS, while 85% of gross fund inflows for the first 8 months of the year were not “from clients under the migration related programmes.”
MM is neutral MAF here
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