Singapore’s iFast hits $5.26bn in AUA

Latest News

iFast Group’s assets under administration (AUA) was up 19.3% year-on-year as of the end of September, hitting a record high of S$7.16 ($5.26bn), according to the firm’s third quarter results.

It has two main business divisions: A B2C platform, the “Fundsupermart”, that targets do-it-yourself investors and its B2B platform that caters to financial advisory firms, banks and financial institutions.

However, the firm believes there is still room for growth as the current AUA level remains small relative to the size of the wealth management industry in Singapore and the other Asian markets it operates in.

The firm reported increases in AUA and revenue across markets such as Singapore, Hong Kong and Malaysia.

 

Market

AUA (S$bn)

YoY increaseNet revenue (S$m)

YoY increase

Singapore

4.92

14.30%25.48

18%

Hong Kong

1.61

25.40%7.9

23.80%

Malaysia

0.508

46.40%2.47

50%

Source: iFast

 

In Singapore, growth in revenue was linked to increases in investment subscriptions of the various investment products distributed on the firm’s platform.

In Hong Kong, the firm said that after a couple years of difficult market conditions, the SAR operation has been experiencing growth momentum in both its B2B and B2C segments, with sales in both unit trusts and bonds growing strongly.

The firm also saw more investors in Malaysia open investment accounts since it introduced its bonds and robo-advisory portfolios during the second quarter.

The firm noted that it launched a business in China in March last year and it is still building its brand in the mainland. About 20 B2B partners, including internet and financial services companies, have signed up.

In China, 65 fund houses with 2300 funds are carried on its platform, according to the firm.

However, the mainland business took a third quarter 3.7% loss to S$1.03m, year-on-year, due to increases in expenses, additional headcounts and the establishment of an office in Shanghai.

Across all markets, iFast said it has access to around 5,800 investment products including funds, bonds and stocks, ETFs, as well as insurance products and robo-advisory portfolio management services (such as its partnership with robo-advisor 8 Securities).

There are around 6,500 wealth advisers from 285 financial adviser companies, banks and financial institutions that use the B2B platform, according to the firm.

 

Tags: | | | |

Leave a Reply