Perpetual sets profit target

wealth management division chairman

19 October 2004
| By Rebecca Evans |

Perpetual is looking to its new global equities operation in Dublin to help it achieve a 10 per cent growth target by the end of June next year.

The optimism comes despite several investment ratings houses expressing concern over Perpetual’s move to drop the growth style US-based Fidelity Investments in favour of a Dublin based team of value-orientated managers to administer its $2.2 billion global equity portfolio.

But both Perpetual chairman Charles Curran and managing director David Deverall said the group was on track to outperform on last year’s results by focusing on new initiatives and balancing out the existing business portfolio.

“With increased fund flows as markets remain positive and continued careful management of operating expenses, I am pleased to advise that subject to market conditions we are more confident of achieving an increase in operating profit after tax of excess of 10 per cent for the year to June 2005,” Curran said.

“We are moving to better balance our activities to reduce exposure to market fluctuations.”

Deverall said: “In order to achieve a more balanced portfolio, during the years we created the integrated wealth management division, completed an extensive review of our advice business to deliver increased profit in the coming years.

“We believe the global equities market presents significant opportunities for Perpetual through its size, high growth potential and the increasing trend for investors to diversify their investment portfolios by taking advantage of global opportunities,” he said.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 3 weeks ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 3 weeks ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 3 weeks ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

1 week 3 days ago

The Reserve Bank of Australia's latest interest rate announcement has left punters disheartened on Melbourne Cup Day....

1 week 2 days ago

The Federal Court has given a verdict on ASIC’s case against Dixon Advisory director Paul Ryan which had alleged he breached his director duties....

1 week 1 day ago