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
The CEO of L1 Group, formerly known as Platinum Asset Management, has stepped down with immediate effect, and the asset manager has announced his replacement.
Private equity manager Scarcity Partners has backed a specialist investment manager focused on metals and mining, seeking to meet investor demand for real assets.
UK fund manager Aberdeen Investments has launched an emerging market equity strategy for Australian investors, broadening the reach of an existing strategy.
Passive ETFs are seeing stronger flows than their active counterparts despite the proliferation of active launches this year, according to Morningstar.
