Oekoworld - Healthy performance fee and dividend income

Following muted results in FY18, ÖKOWORLD (ÖWAG) reported significant top- and bottom-line expansion in FY19, driven by a €2.8m improvement in performance fee income. As total assets under management (AUM) reached €1.65bn at end 2019 (up more than €554m vs 2018), the resulting management fee improved by a further €2.1m (up 21% y-o-y). Given the equity market collapse in early 2020, the performance fee this year could fall short of the 2019 level. However, this could be at least partially offset by management fees being supported by higher AUM, as ÖWAG was able to expand these further during the slowdown, to €1.68bn at end April.