Pendal sees performance fees rise to record level
Performance fees at Pendal Australia have risen 29% in the past quarter after outperformance by its Australian equity portfolios.
In an announcement, the firm said performance fees were $16.4 million in the three months to 30 June, which was a 29% rise from $12.7 million in the 2020 financial year.
Chief executive Nick Good said the rise reflected the “continued strong outperformance achieved in the Australian equity portfolios in recent years”.
According to FE Analytics, over three years to 30 June, 2021, within the Australian equity sector, MicroCap Opportunities, MidCap, Focus Australian Share and Australian Share had all beaten the sector average, within the Australian Core Strategies universe.
Meanwhile, Imputation, Smaller Companies and Focus Australian Equities had all seen returns exceeding 25%.
Pendal MicroCap Opportunities was the best-performing fund with returns of 45.7%.
Performance of Pendal funds versus Australian equities sector over three years to 30 June 2021
Over the last three months to 30 June, 2021, the MicroCap Opportunities was again the best-performing fund with returns of 12.4% followed by the MidCap fund which returned 8.7%.
Performance of Pendal funds versus Australian equities sector over three months to 30 June 2021
Pendal Australia funds under management (FUM) rose from $34.4 billion at the end of March to $37 billion, although the institutional channel saw outflows of $0.4 billion which Pendal said was mostly in cash and fixed income.
Group FUM rose from $101.7 billion to $106.7 billion due to investment performance, higher markets and a positive currency effect.
AUTHOR
Laura Dew
Recommended for you
Some 42 per cent of CEOs say they are actively reinventing their business to stay relevant in the next decade, with consumer services the most common choice for asset and wealth managers.
Former Ophir Asset Management chief executive, George Chirakis, has joined private equity manager Scarcity Partners, while the asset manager has appointed a replacement from Macquarie.
Australian Unity has appointed a fund manager for its Healthcare Property Trust, joining from Centuria Healthcare, as it restructures the product with a series of senior appointments.
Financial advisers nervous about the liquidity of private markets funds for their retail clients are the target of fund managers launching semi-liquid products which offer greater flexibility and redemptions.
