Perpetual set for profit boost
Perpetual Trustee Companyis set to improve its 2003 profit performance by at least 25 per cent, fuelled by strong growth in its funds management business and increases within the groups corporate trust operations.
However, in an address to shareholders, Perpetual chairman Charles Curran is not making any guarantees that this year’s profit levels - set to outperform last year’s $68.2 million figures - will extend beyond 2004.
Despite this though Curran says the group has scheduled a special June dividend payment of 50 cents, as well as a final dividend of not less than 80 cents to be paid in August.
Since the December quarter,Perpetual Investments' funds under management has increased by $1.2 billion to $20.6 billion as at April 30 2004.
Perpetual was recently named investment manager of the year at theMoney Management/AssirtFund Manager of the Year 2004 awards, and also took out the award in the Australian equity category.
The corporate trust business has also continued to deliver strong inflows, with securitisation funds under administration growing $7.2 billion to $104.5 billion since the December quarter.
Meanwhile structural reorganisation, particularly the grouping of independent divisions under the umbrella of wealth management will transfer into cost savings of $5 million annually.
Curran also revealed that Perpetual’s multi-manager retail platform has now been signed as an approved platform by 32 dealer groups since its launch in September 2003 and says Perpetual will continue to broaden its revenue base through the development of administrative support services.
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