SuperLife shines for NZX

SuperLife’s KiwiSaver business grew 26.6% in the six months to the end of June, the NZX has revealed today.

Wednesday, August 17th 2016, 8:55AM

The sharemarket operator has released its half-yearly financial results.

Total NZX revenues for the hal- year of $37.9 million were up 10.3% on the previous corresponding period.

Earnings before net finance expense, tax, depreciation and amortisation and gain on sale were down 8% to $10.8 million as a result of a $1.6 million increase in Ralec litigation costs, with the Ralec trial concluding in July. Excluding costs associated with that litigation, EBITDA was up 5.3% to $13.7 million.

Net profit after tax of $3.6 million included an impairment charge on brand assets in NZX’s agri business and an adjustment to the provision for the NZX Wealth Technologies (NZXWT) earnout.

Excluding these items and the gain on the sale of NZX’s stake in Link Market Services in the prior year, net earnings of $4 million were 34.9% down on the prior year.

Funds under management in SuperLife’s KiwiSaver business grew 26.6%, while total SuperLife FUM increased by 13.1%. Highlights in that business included winning four new group superannuation mandates, NZX said.

Total external FUM in NZX’s Smartshares business – which provides a range of 23 ETFs – was up 6.9% on the same period last year.

Smartshares, incorporating SuperLife, has been granted a licence as a manager of a registered scheme by the FMA under the FMCA. As part of the process of FMCA compliance, NZX will amalgamate the Smartshares and SuperLife legal entities in the last quarter of this year, although the brands will remain separate.

NZX acquired NZX Wealth Technologies, formerly Apteryx, in August 2015.

Earlier this month NZX announced it had signed an agreement with Craigs Investment Partners to provide the NZXWT platform for Craigs’ KiwiSaver product.

NZX said it was talking to a range of other potential clients about their future requirements for wealth platforms.

Tags: NZX Superlife