Perpetual slides into growth phase
Perpetual says it has cruised through its period of consolidation, into a growth phase, reporting a 37 per cent spike in underlying profit after tax (UPAT) for the last financial year.
In a statement on the Australian Securities Exchange (ASX), the Group said its UPAT grew to $104.1 million in the year to 30 June 2014, with funds under management up 18 per cent to $29.8 billion.
Perpetual Private's profit before tax grew 135 per cent to $21.6 million, with strong inflows from both the core business and the recently-acquired Trust Company.
The Group's CEO, Geoff Lloyd, credited Perpetual's Transformation 2015 strategy for delivering solid results across the business.
He said the integration of the Trust Company, purchased in December 2013, was on track to perform well, with pre-tax annualised savings growing from $15 million to between $18 and $20 million.
The Group used the announcement to reveal the launch of its new global equities solution, the Perpetual Global Share Fund.
Recommended for you
In this week’s episode of Relative Return Unplugged, AMP chief economist Shane Oliver joins the show to unravel the web of tariffs that US President Donald Trump launched on trading partners and take a look at the way global economies are likely to be impacted.
In this episode of Relative Return, host Laura Dew is joined by Andrew Lockhart, managing partner at Metrics Credit Partners, to discuss the attraction of real estate debt and why it can be a compelling option for portfolio diversification.
In this week’s episode of Relative Return Unplugged, AMP’s chief economist, Shane Oliver, joins us to break down Labor’s budget, focusing on its re-election strategy and cost-of-living support, and cautioning about the long-term impact of structural deficits, increased government spending, and potential risks to productivity growth.
In this episode of Relative Return, host Laura Dew chats with Mark Barnes, head of investment research, and Catherine Yoshimoto, director of product management, from FTSE Russell about markets in Donald Trump's second presidency and how US small caps are faring compared to their large-caps counterpart.
