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DomaCom Funds Under Management reach $70.9 million, up 10.4% this quarter

The company’s Funds Under Management growth during the global COVID-19 pandemic demonstrates the resilience of the business model.

DomaCom Ltd - DomaComs' Funds Under Management reaches $70.9 million, up more than 10% during current quarter
DomaCom has another three new products in development and slated for launch in 2020

DomaCom Australia Ltd’s (ASX:DCL) Funds Under Management (FUD) have grown by 10.4% since the start of the current quarter to $70.9 million.

This is up from $64.2 million at March 31, 2020, and investors responded positively with shares up almost 7% to 6.2 cents.

The growth has been driven by investment into DomaCom’s DFS Pooled Mortgage sub-fund as well as its fourth Badgerys Creek land banking and Rent To Own projects.

“Pleasing to see growth”

Chief executive officer Arthur Naoumidis said: “It is pleasing to see significant growth in FUM during this challenging time of significant market dislocation.

“Our FUM growth demonstrates the robustness of DomaCom’s business model and proves that even during the COVID19 pandemic, there are still segments of the market that attract investor attention.

“At the same time, we are continuing to develop new products which we expect to help drive future FUM growth in the years ahead.”

Attributed to several products

This growth can be attributed to investments in the following fund options:

  • DFS Pooled Mortgage Sub-Fund: allowing direct mortgage investments to be included in the models that DFS Portfolio Solutions delivers to financial advisers across multiple platforms;
  • Badgery’s Creek Land Banking: this is the company’s fourth land banking investment in the Badgerys’s Creek locality and it includes both equity and debt syndications; and 
  • Rent to Own: DomaCom’s first Rent To Own (RTO) property syndication is well underway with property due diligence currently in progress.

In addition to RTO, DomaCom has another three new products in development and slated for launch in 2020 including Equity Mortgage, Essential Worker and Equity Release.

Quick facts: DomaCom Ltd

Price: 0.094 AUD

ASX:DCL
Market: ASX
Market Cap: $26.17 m
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