Pendal sees FUM decrease
Pendal Group saw an 8% decrease over the previous corresponding period (PCP) in average funds under management (FUM), at $94.8 billion, while closing FUM was $92.4 billion in its FY20 results.
Cash net profit after tax (NPAT) for the financial year was $146.8 million, a 10% decrease on PCP primarily due to lower fee revenue, while statutory NPAT dropped 25% to $116.4 million.
Final dividend of 22 cents per share (cps) brought down the full-year dividend to 37cps, an 18% decline.
Base management fees declined 5% to $458.1 million which was attributed to lower average FUM.
Performance fees for the year totalled $13.4 million, $7.5 million higher than the PCP, thanks to outperformance by Australian equities.
Emilio Gonzalez, Pendal chief executive, said it was a tumultuous year and the COVID-19 pandemic had the most profound impact along with the US/China trade war and Brexit.
“Our diversification and robust business model, supported by our financial strength, has proven resilient in this most challenging of years,” Gonzalez said.
“Our people have stepped up admirably to manage through the year’s events, maintain business continuity and support our clients.
“During the year, we saw strong investment in key funds, an uplift in performance fees and an improvement in net flows in the second half of FY20.”
AUTHOR
Chris Dastoor
Recommended for you
Blackwattle Investment Partners has hired a management trio from First Sentier Investors – who departed amid the closure of four investment teams last year – to run its first equity income offering.
Private markets manager Fortitude Investment Partners has launched an evergreen small-cap private equity fund.
After passing $300 billion in funds under management, Betashares is forecasting the Australian ETF industry could reach $500 billion by the end of 2028.
Ausbil is to expand its active ETF range with two ASX-listed launches, one focusing on global small caps and one on listed infrastructure.
