Pendal Group delivers record half-year profit
Pendal Group has delivered a 30 per cent year over year rise in underlying cash profit to $114.5 million for the half year to 31 March 2018, aided by 18 per cent growth in base management fee revenue.
Average funds under management (FUM) rose 14 per cent to $98.6 billion, with the base management fee margin up 2 basis points on the same half in the prior year to 51 basis points, the global asset manager said.
Performance fees for the half were up 70 per cent year over year to $47.6 million, the manager, formerly known as BT Investment Management, said.
The group declared a half-year dividend of 22 cents a share, up 16 per cent on the same half in the prior year.
“This record result, with a 30 per cent increase in cash net profit represents six years of uninterrupted growth in FUM, base management fees and dividends,” Pendal Group CEO Emilio Gonzalez said.
“This growth has been supported by our strategy of diversifying across markets, expanding our product range and recruiting investment talent.”
Gonzalez also announced that Pendal would be launching a Global Income Builder product in the US and a Multi-Asset Target Return strategy in the Australian market to support growing demand for solution-based products.
Recommended for you
Funds managers are being urged by financial advisers to improve their “outdated” education and communication about alternative funds as they actively target them towards retail clients.
GAM Investments has appointed Eric Finnell as its managing director for Australia after his predecessor left to take up the CEO role at Global X.
Fidelity International has looked internally to appoint a head of strategic sales and solutions for its Australian division, which is a newly created role for the business.
Global investment manager Barings has launched two private credit funds for Australian investors as advisers indicate an expectation of increasing allocations to private markets.
