Perpetual mounts buy-back

taxation/australian-securities-exchange/chief-executive/

26 August 2011
| By Mike Taylor |
image
image
expand image

Perpetual Limited has struggled amid volatile markets announcing a 31 per cent decline in net profit after tax for the year ended 30 June to $62.031 million.

Despite the decline, Perpetual rewarded shareholders with a dividend of 90 cents, fully franked.

Announcing the result to the Australian Securities Exchange (ASX) today Perpetual also announced that intended to proceed with a $70 million off-market share buy-back.

Commenting on the result, Perpetual managing director and chief executive, Chris Ryan said investment sentiment had remained subdued through the financial year and had not been helped by the significant market volatility triggered by credit concerns around the world.

"Inevitably, this has put a damper on flows in the Australian funds and wealth management industry, as well as restricting activity in segments targeted by our corporate trust business," he said.

Drilling down on the company's operations, Ryan pointed to the Private Wealth business and said the diversification of revenue streams had continued with 32 per cent of revenues now not market-linked dut to higher activity levels in estate administration, tax and accounting.

He said Private Wealth's average funds under administration was $8.7 billion which was seven per cent higher than the previous year.

Ryan said that although outflows had increased, this was largely offset by an increase in inflows including a full-year contribution from Grosvenor and Fordham.

Homepage

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 ago

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

2 months ago

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

4 months 1 week ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

3 weeks 1 day ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

2 weeks ago

One licensee has lost 27 advisers in the past week, now sitting at zero, according to the latest Wealth Data figures....

3 weeks 1 day ago

TOP PERFORMING FUNDS