Perpetual assets rise despite $1.2bn outflows
Perpetual assets rise despite $1.2bn outflows
Perpetual managed a sizeable uptick in assets under management over the March quarter, with the group continuing to branch out its operations overseas.
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Perpetual gave its third-quarter business update on Friday, where it revealed its total assets under management (AUM) sat at $95.3 billion at the end of March, rising from $89.2 billion at the end of December. The increase occurred despite $1.2 billion in net outflows during the quarter, overwritten by $6.5 billion coming in from market performance and other movements.
Perpetual Asset Management International’s total AUM, which included the recently acquired US groups Trillium Asset Management and Barrow Hanley Global Investors, rose by 8 per cent during the three months to March, to $71.6 billion. Market performance has offset $892 million in net outflows from the international segment, mostly from the institutional channel.
Perpetual defies outflows, builds UK team 23 April 2021
The investment group has flagged a steady rise in managed assets despite copping $1.2 billion in net outflows, as it continues on its international expansion plans.
Perpetual gave its third-quarter business update on Friday, where it revealed its total assets under management (AUM) sat at $95.3 billion at the end of March, rising from $89.2 billion at the end of December. The increase occurred despite $1.2 billion in net outflows during the quarter, overwritten by $6.5 billion coming in from market performance and other movements.
Perpetual Asset Management International’s total AUM, which included the recently acquired US groups Trillium Asset Management and Barrow Hanley Global Investors, rose by 8 per cent during the three months to March, to $71.6 billion. Market performance has offset $892 million in net outflows from the international segment, mostly from the institutional channel.
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.
The investment group’s profit for the first half of the 2021 financial year almost halved under the weight of $2.5 billion in net outflows from its local asset management business. Perpetual recorde
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