Perpetual AUM up1.8% in Q2
Perpetual’s total assets under management (AUM) grew by 1.8% at the end of December, 2021, to $102.8 billion and reflected further growth across all divisions, the company said in the announcement made to the Australian Securities Exchange (ASX).
In the second quarter, Perpetual Asset Management International (PAMI) increased by 2.3%, on the prior period, to $77.2 billion, helped by positive market movements of $4 billion, offset by net outflows of $1.9 billion and a negative foreign exchange impact of $0.3 billion.
At the same time, Perpetual Asset Management Australia (PAMA) AUM hit $25.6 billion, a growth of up 0.4%, driven by net inflows of $128 million, which represented the third consecutive quarter net flows for PAMA, the firm said.
Following this, funds under advice (FUA) at Perpetual Private stood at $19 billion, which represented a growth of 3% compared to the prior period, and were due to $0.3 billion in positive net flows and $0.2 billion from positive investment markets and other movements.
The firm also said the integration of its recent acquisition of Jacaranda Financial Planning, where FUA stood at $1 billion at the end of December, was progressing as expected and the financial services licence transition was completed in December, 2021.
“We have positive momentum across all divisions, with our earnings guidance today showing strong growth in our business in the first half of FY22, and we are confident that our strategy, combined with current market conditions, positions us well for continued growth,” Perpetual’s chief executive and managing director, Rob Adams, said.
“The focused execution of our strategy is continuing to deliver results this quarter, with further growth in assets across all divisions of Perpetual, including steady growth in Perpetual Corporate Trust (PCT) and Perpetual Private (PP) and another quarter of positive flows in Perpetual Asset Management Australia (PAMA) – the third consecutive quarter of net inflows for PAMA.”
Based on preliminary unaudited financials for the half year ending 31 December 2021, the company expected its underlying profit after tax (UPAT) for 1H22 to be in the range of $77 million to $81 million.
The UPAT for the six months ended 31 December, 2020 (1H21) stood at $52.6 million and was down 11% on the prior corresponding period and up 33% on second half 2020 (2H20).
AUTHOR
Oksana Patron
Recommended for you
Bennelong Funds Management chief executive John Burke has told Money Management that the firm is seeking to invest in boutiques in two specific asset classes as it identifies gaps in its product range.
Responsible investment performance concerns have lessened as the market hits $1.6 trillion in AUM, according to RIAA’s annual report, but greenwashing fears among asset managers are on the rise.
Research by Morningstar has found fixed income funds are bucking a general trend around managed fund fee dispersion with a smaller fee dispersion compared to equity ones.
As investors seek to diversify their portfolios, the naming of bond labels has broadened out to include green, social and impact bonds, according to the annual RIAA report.
