Perpetual looks for advice growth

Perpetual/Perpetual-Private/Rob-Adams/

21 October 2020
| By Mike |
image
image
expand image

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.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months 2 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months 3 weeks ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 3 weeks ago

ASIC has suspended the Australian Financial Services Licence of a Melbourne-based financial advice firm....

1 week ago

The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered....

1 week 5 days ago

ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test....

2 weeks 3 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND