[Weekly Wrap] The opacity of fund manager accounts

One of the things the results of the three funds management and wealth advisory companies SPH Wealth Holdings owns which are required to report their financial results to the Companies Office highlights is how little is revealed in those financials about the health of the group.

On the face of it, Salt Investment Funds, Pathfinder Asset Management and Helm Wealth Advisory are all at least profitable.

Their combined accounts show a 4.6% jump in total revenue for the year ended March 31 to a little over $26 million compared with a year earlier, a 5.9% rise in combined operating expenses to $23.6 million and a combined net profit of $1.5 million, down 9.9%.

But SPH Wealth is more than the sum of its parts and we never get to see its accounts or the accounts of the ultimate parent company, Alvarium Investments.