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
Evidentia’s chief investment strategist Nathan Lim has announced his retirement after a 30-year career.
GQG Partners has marked its fifth consecutive month of outflows as its AI concerns lead to fund underperformance but overall funds under management increased to US$166.1 billion.
Apostle Funds Management is actively pursuing further partnerships in Asia and Europe but finding a suitable manager is a “needle in a haystack”.
Managed account provider Trellia Wealth Partners, formed from the merger between Betashares and InvestSense, has appointed its first managing partner.
