http://www.fool.com.au/2013/11/07/wh...hould-you-own/
Macquarie is worthy of consideration because the company was able to withstand the GFC while one of its major competitors went out of business. However, some commentators have suggested that the “millionaire factory” has overpaid executives in the past. The same cannot be said for boutique funds management company
Fiducian Portfolio Services (ASX: FPS).
Fiducian has a network of in-house financial advisors and franchisee advisors. However, about 70% of its revenue comes from its boutique funds management business. Fiducian may not be the brightest star in the funds management universe, but the company has recorded reasonable results over the long term. Its most successful fund, which invests in smaller companies, has returned an average of 10.9% p.a. over the last 10 years. The Fiducian Australian Shares Fund has returned 9% p.a. over the same timeframe.
Fiducian’s cash flow statement for the quarter to September 2013, released today, reports net operating cash flow of over $1.8 million. That’s not bad for a company with a market capitalisation of under $40 million. Fortunately for shareholders such as myself, the company has a good history of paying dividends, and trades on a trailing yield of 5.9% fully franked. I consider Fiducian Portfolio Services to be attractive at current prices.