Perpetual grows FUM to $30.4 billion
Perpetual's acquisition of the Trust Company late last year helped lift its funds under management (FUM) by 9.4 per cent to $30.4 billion in the last quarter.
The December acquisition contributed $1.3 billion to Perpetual's FUM, which sat at $27.8 billion at the end of September 2013.
The remainder of the growth was attributed to both market appreciation and net inflows.
The market delivered $1 billion, which was slightly offset by $0.1 billion in semi-annual distributions.
It also collected $0.2 billion in the Australian equities asset class inflows and $0.2 billion in cash and fixed income.
Commenting on the results, Geoff Lloyd, CEO and managing director of Perpetual said: "This is our second consecutive quarter of net inflows for the financial year".
"This quarter's improvement in net flows in the intermediary and institutional channels has benefited from the consistent outperformance by our asset managers coupled with our reinvigorated sales and distribution strategy."
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.
