Perpetual looks for advice growth
Perpetual Limited has flagged possible further growth in its financial advice business, Perpetual Private, via “bolt-on acquisitions”.
The company has flagged the growth on the back of a 2% increase in funds under advice (FUA) to $14.6 billion.
It said the $0.3 billion increase in FUA was predominantly due to $0.2 billion positive net flows largely from its new advisor growth strategy combined with $-0.1 billion of mark to market movement.
The announcement around Perpetual Private came within the company’s first quarter business update to the Australian Securities Exchange within which it reported that Perpetual Investments assets under management were up 2% to $29 billion due to mark to market and positive net inflows.
Commenting on the quarter, Perpetual chief executive, Rob Adams said the company’s diversified business model continued to demonstrate its value.
On Perpetual Private he said the company had seen positive flows from its new advisers as they transitioned clients across to Perpetual.
“We welcomed another adviser during the quarter and continue to explore complementary bolt-on acquisitions that align with our professional services business model,” he said.
Recommended for you
Sequoia Financial Group has declined by five financial advisers in the past week, four of whom have opened up a new AFSL, according to Wealth Data.
Insignia Financial chief executive Scott Hartley has detailed whether the firm will be selecting an exclusive bidder for the second phase of due diligence as it awaits revised bids from three private equity players.
Insignia Financial has reported a statutory net loss after tax of $17 million in its first half results, although the firm has noted cost optimisation means this is an improvement from a $50 million loss last year.
With alternative funds being described as “impossible” for fund managers to target towards advisers without the support of BDMs for education, Money Management explores the evolving nature of the distribution role.
