Perpetual to grow through acquisition
By Craig Phillips
PerpetualTrusteesremains in the hunt for acquisitions in a bid to expand into additional asset classes and increase the diversity of its product range following an assessment of “gaps” in the group’s existing offerings.
“The continued success of our funds management business tends to underplay the fact that while we have a diverse product range and business mix across the group, there are gaps in our existing product offerings,” a group statement says.
Perpetual, which last week posted a $42.4 million net profit for the six months ending December 31, 2003, has identified a number of new opportunities across its various business units, and flagged its intention to expand via organic or acquisitive growth back in October 2003.
“The opportunities for growth include new wealth management products, development of our non-equities institutional business, growth of our advisory businesses, extension of our service offering in corporate trust and continued investment in our brand.”
Last week, the group announced a $41.4 million profit after tax and before realised gains on sale of investments — a 24 per cent increase on the $33.4 million reported for the corresponding period last year.
Perpetual has also increased its interim dividend by 17 per cent to 70 cents per share fully franked — up from 60 cents last year.
“The group [is] well positioned to enter its next stage of growth and development. This will include filling a number of clear gaps in our coverage of asset classes. The board and management team at Perpetual will continue to carefully research opportunities to expand the business,” chairman Charles Curran says.
Recommended for you
Professional services group AZ NGA has made its first acquisition since announcing a $240 million strategic partnership with US manager Oaktree Capital Management in September.
As Insignia Financial looks to bolster its two financial advice businesses, Shadforth and Bridges, CEO Scott Hartley describes to Money Management how the firm will achieve these strategic growth plans.
Centrepoint Alliance says it is “just getting started” as it looks to drive growth via expanding all three streams of advisers within the business.
AFCA’s latest statistics have shed light on which of the major licensees recorded the most consumer complaints in the last financial year.
