In a quarterly business update on Thursday, Insignia Financial confirmed a number of milestones had been achieved in its spin-off from NAB, including the successful transition to common ladders and unit pricing platforms.

The firm expects that in November the MasterKey and Plum registries – containing more than 700,000 member accounts – will be transferred from the bank to Insignia Financial, along with MLC’s associated digital ecosystem.

In addition, in the three months to 30 September 2024 The company’s assets under management and administration (FUMA) increased $8.3 billion, or 2.7 percent, to $319.6 billion.

"The strategic initiatives delivered in FY24 and 1Q25 have provided a strong foundation for growth that we will continue to build on in FY25," said Scott Hartley, CEO of Insignia.

"FUMA grew to $319.6 billion in the quarter, supported by strong market growth and provides an opportunity to drive efficiencies and economies of scale."

Insignia experienced total net outflows of $1 billion in the quarter, driven largely by institutional outflows within its low-margin direct asset management capabilities due to client rebalancing.

In comparison, it reported total net inflows of $189 million in the prior quarter due to improved referral flows on the platform following the successful migration of MLC Wrap to Expand at that time.

Insignia's assets under administration (FUA) rose 3.1% to $228.8 billion in the September quarter on the back of positive market movements of $8.3 billion, partially offset by pension payments of $970 million and net outflows of 537 million dollars.

Funds under management ( FUM ) added 1.6 percent to rise to $90.8 billion, supported by market moves of $2 billion but partially offset by $504 million in net outflows.

The firm's adviser headcount remained unchanged over the quarter with 200 advisers across Shadforth and Bridges licensees.

On July 1, 2024 Rhombus Advisory successfully spun off Insignia, which included licensees RI Advice and Consultum, allowing Insignia to focus on the growth of its remaining two licensees.

"Due to the stability of adviser numbers in these businesses, advice metrics will no longer be reported on a quarterly basis," Insignia said.

Looking at Wrap FUA, this increased by 3.7 percent to $98 billion in the first quarter of FY2024-25. MLC Expand experienced "solid momentum" following the migration, it said in the ASX statement, with underlying net flows of $522 million for the quarter.

Hartley continued: “It is pleasing to see a stabilization of Wrap flows following the successful migration of MLC Wrap to Expand earlier this calendar year. We continue to improve our Expand platform, which is the most advanced platform technology on the market, and increase the number of consultants engaged with the platform.”

Earlier this month, Insignia announced it had committed $10 billion in FUM to its managed account solutions.

Announcing its FY23-24 results in August, Insignia reported a statutory net loss after tax of $185 million but an underlying net profit after tax of $217 million. The loss was due to increased recovery costs and costs related to business transformation and spin-off.