(30 August 2005 – Australia) Melbourne based asset management company, Treasury Group, has recorded a $12.5 million net profit for the year to June 30, doubling its performance of the previous year.Treasury Group manages and invests in asset management companies such as Orion, Confluence, Mutual and Global Value Investors.
Chairman Lee laFrate said the company achieved strong profit results across all of its investment divisions.
“Treasury Group is now in a very sound strategic and financial position to maintain a consistent level of return for our shareholders,” he said.
There has been a flurry of activity in senior management ranks recently with three new directors appointed and David Cooper named chief executive officer.
Mike Fitzpatrick will replace laFrate as chairman at the company’s next annual general meeting.
Joseph Ferragina has replaced Robert Kipp as chief financial officer.