Perpetual funds bolstered by value investing recovery
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A strong quarter for value investors helped the expanded Perpetual Limited offset $1.1 billion of client outflows, which its chief executive says are slowing as performance recovers.
Perpetual, which last year acquired international fund managers Barrow Hanley and Trillium, reported four per cent growth in total assets to $95.3 billion over the quarter, driven by an 8 per cent increase in its international strategies.
Perpetualâs Australian funds suffered $275 million of outflows, mainly from intermediary clients of its Australian equities funds. But that was offset by a $1.3 billion boost in asset values as markets improved while value investing strategies came good.