by Susan Edmunds
NZX acquired NZXWT, formerly Apteryx, in 2015. The two clients are expected to transition on to the platform in the first half of 2017, bringing about $2.5 billion in funds under administration.
The sharemarket operator today reported its net profit for the year ended December 31 was $9.2 million, down from $23.9m last year. Ebitda was $22.5m, at the bottom of the guidance range.
Interim chief executive Mark Peterson said it had been a pivotal 12 months for NZX, having drawn a line under the Ralec litigation, started a search for a new chief executive, dropped the Clear Grain Exchange, and changed the business to adapt to the Financial Markets Conduct Act.
He said there had been good growth in funds under management in the Superlife business, up 15.8%. Smartshares volumes lifted 28.8%, with FUM up more than 10%. Peterson said he expected the passive funds management business to continue to grow at 2016 levels, with solid momentum.
Wealth platform fees were up 103.9%. NZXWT is expected to break even this year. Peterson said there had already been inquiries from other providers considering moving to the platform.
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