NZX Smartshares lifts FUM 29% in six months ended June

Funds under management (FUM) at June 30 were up 29.1% since Dec 31 at $10.67 billion. Excluding QuayStreet, FUM was up 10% with net cash flows up 2.7% and a market return of 7.3%.

Smartshares contributed $7.9 million to NZX's earnings before interest and tax in the six months ended June, up from $4.6 million in the same six months a year earlier.

The business includes the SuperLife business and the ASB Superannuation Master Trust – NZX aquired the management rights for the latter in February last year.

NZX is targeting 14% growth in FUM this year, excluding acquisitions, and a 22.8% compound annual growth rate, excluding acquisitions, over five years.