Perpetual posts 3% AUM increase in Q4
Perpetual has posted a 3.1% increase in its assets under management (AUM) to $98.3 billion during Q4 from the prior period and its funds under advice was up 6%, thanks to positive momentum across all of its divisions.
Perpetual Asset Management Australia (PAMA) AUM was up 4.2% to $24.7 billion during the period at 30 June, 2021, driven by position investment markets and an improvement in net flows profile.
Similarly, its international arm AUM was up 2.8% to $73.6 billion during the same period.
In its announcement to the Australian Securities Exchange (ASX), Perpetual said for the three months to 30 June, 2021, PAMA net flows were marginally positive as institutional flows into multi asset were offset by outflows from Australian equities.
“Growth in asset values for the quarter was $1 billion, net of distributions, driven by higher markets,” it said.
Perpetual chief executive and managing director, Rob Adams, said: “The launch of our new ESG [environmental, social and governance] Real Return strategy had a very successful start, winning institutional flows and underpinning a solid quarter for PAMA.
“Encouragingly, we are also seeing good momentum across our global equities solutions and in the listed space, with the perpetual equity investment company conducting a successful capital raising over the quarter.”
“…In particular our Australian equity funds have performed exceptionally well relative to their respective benchmarks, which positions us well for the future.”
Funds under advice (FUA) for Perpetual Private was $17 billion at the end of June, up 6% from the prior quarter.
Perpetual said the $900 million increase in FUA was due to $300 million in positive net flows and $700 million from positive market and other movements.
Total average FUA for Q4 was $16.6 billion, compared to $15.7 billion during Q3.
“Our adviser growth strategy, including out enhance family office services, has led to material positive inflows since the inception of the strategy. We expect that positive flow effect to continue next financial year as new clients continue to migrate to Perpetual,” Adams said.
“When combined with positive flows from our existing adviser base, it has been another strong quarter for Perpetual Private.”
“Perpetual private has now achieved eight consecutive years of positive flow growth.”
Overall, Adams said its asset management teams globally had delivered strong performance over the financial year, with its Australian equities, credit and fixed income, multi-asset, and global innovation capabilities all outperforming their respective benchmarks, and both Trillium and Barrow Hanley continued to perform well.
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