Crestone posts strong FY18 growth and invests in client experience
The directors of Crestone are pleased to report the firm's annual results for the financial year 2018. The results reflect strong growth that has enabled the business to invest in a number of significant client-facing solutions.
Now in its second full year of operation, Crestone is growing in line with its three-year strategic outlook and the firm is ahead of its forecasted revenue and profit targets. Crestone's revenues have increased by 16 per cent to $97.9 million producing an EBIT of $9.8m.
In the past 12 months, Crestone's assets under management have increased by 16 per cent to over $17 billion due to new monies coming in and positive performance of client portfolios.
The directors note that with the current climate and focus on wealth management and banks in Australia, Crestone's privately-owned business model, having sought to eradicate the systemic issues associated with vertically-integrated models, provides a strong alternative to existing offerings and the success of this model is demonstrated by its improved growth and performance.
"During FY18 our team has continued its focus on building a business that delivers client-centric advice orientated towards preserving and enhancing the wealth of multi-generational high net worth and ultra-high net worth clients. We do this through accessing the best investment minds in the business, executing seamlessly and assisting clients with their broader wealth needs," Crestone Chief Executive Officer Michael Chisholm said.
"Diversification is critical to achieve this, and you need to have unfettered access to all key asset classes across all geographic regions. This is a level of access that we provide to all our clients."
Through continuous training and development, Crestone's advisers and staff are uniquely positioned to provide long-term guidance around ever more complex and sophisticated portfolios. The group continues to invest in capabilities and processes to ensure the business provides the very best solutions to our discerning clients.
Crestone's first year results (30 June 2017) included significant investments in superior systems and services for the long term, which are now enabling the firm to deliver the best service possible to its clients.
With partnerships in place with leading global organisations, including Credit Suisse, UBS, Northern Trust, CBA and Avaloq, the group is well placed to continue its growth by providing clients access to unparalleled insights and investment solutions and a holistic view of the investment world.
The directors have declared a dividend of 5¢ for the 2018 financial year.
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