BNP Paribas launches three sustainable trusts moneymanagement.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from moneymanagement.com.au Daily Mail and Mail on Sunday newspapers.
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.”
J P Morgan Asset Management s head of Australia to step down pionline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from pionline.com Daily Mail and Mail on Sunday newspapers.
J.P. Morgan Asset Management’s head of Australia to leave firm
Rachel Farrell
Rachel Farrell, Sydney-based CEO and country head for J.P. Morgan Asset Management Australia, will leave the firm by July, a spokeswoman said.
Ms. Farrell, reached on LinkedIn, declined to discuss her immediate plans.
The spokeswoman said a search will be launched to hire a successor, with Ms. Farrell staying on to ensure a smooth transition.
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Perpetual profit crashes, advice revenue drops
Perpetual profit crashes, advice revenue drops
The listed wealth manager’s profit almost halved in the first six months of the 2021 year, with its advisory division recording lower earnings and revenue.
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Perpetual recorded a net profit after tax of $29.2 million for the first half of the year, close to half (43 per cent less) of the $51.6 million it produced in 1H20. The company had felt the effects of $2.5 billion in net outflows from its Australian asset management business, continuing on from $1.1 billion flowing out in the prior half.
Group earnings before interest, tax depreciation and amortisation (EBITDA) had also fallen by 46 per cent to $24 million for the first half.