Pendal Aussie FUM declines in March quarter
Pendal’s Australian funds under management (FUM) have declined by 3.8% in the March quarter as a result of market movement and investment performance.
FUM at the end of December 2021 was $35.9 billion but had since declined to $34.5 billion.
This was comprised of $0.5 billion from flows and $0.9 billion related to market movements, investment performance and distributions.
Institutional outflows and those from Westpac were $0.2 billion each while wholesale outflows were $0.1 billion.
Pendal said fund flows in Australia were “slightly down with a small level of portfolio adjustments and Westpac outflows of $0.2 billion, in line with expectations”.
Total Pendal Group flows (ex cash) fell from $125.7 billion to $114 billion.
The Australian FUM movement compared to flat FUM during the previous quarter to December 2021 when funds remained steady at $35.9 billion during the quarter.
Chief executive, Nick Good, said the firm had seen “significant improvement” in flows but that weak and volatile markets had impacted the overall fund levels.
The firm also declined a buyout bid from Perpetual as it felt it wasn’t in the best interest of shareholders.
AUTHOR
Laura Dew
Recommended for you
Selfwealth has provided an update on the status of its scheme implementation deed with Bell Financial Group as well as whether rival bidder Svava remains in the picture.
Magellan Financial Group has reported its first half FY25 results while appointing a new chief financial officer and promoting Sophia Rahmani to chief executive.
Schroders Australia has launched two active ETFs and plans to further expand its listed range over the year ahead.
Platform Netwealth has reported its financial results for the first half of FY25, reporting an 80 per cent increase in net flows, with its CEO viewing a “huge opportunity” from private assets.
