Perpetual announces increased profits
Perpetual has reported a $131.5 million operating profit after tax for the 2006 financial year, which is a 13 per cent increase on last year’s result.
In regards to wealth management, Perpetual Investments’ funds under management (FUM) experienced a 23 per cent boost during the past 12 months, bringing the year’s total to $32.8 billion.
Breaking this figure down, retail FUM totalled $8.4 billion, while master funds and wraps came to $15.4 billion, and institutional equalled $9 billion.
Perpetual also announced that its global equities FUM had increased by 17 per cent to $2.1 billion.
The company put these results down to solid growth across the business during the year and increased funds in financial advisory, which it said had grown by 19 per cent to $4.4 billion.
Perpetual chief executive David Deverall said he was confident that, subject to prevailing market conditions, the company would experience further growth during 2007.
Perpetual said it would continue to maximise the core business of its wealth management arm, with results already emerging from new initiatives.
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