Pendal acquisition boosts Perpetual HY profit
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The news: Investment manager Perpetual has reported a solid lift in first-half profit and assets under management, boosted by its acquisition of Pendal Group last year.
The numbers: Net profit for the half year to December 2023 was up 29% from a year ago to $34.5 million, while underlying profit excluding significant items jumped 47% to $98.2 million.
The company reported total assets under management of $213.9 million, a 128% increase from a year ago. It will pay an interim dividend of 65 cents a share, down from 90 cents a year ago.
The context: Perpetual said the robust results were mainly driven by the acquisition of Pendal as well as higher wealth management earnings. The group has targeted cost savings of $80 million from the integration, but has suffered outflows in the second quarter.
The latest results come after the investment manager rejected a $3 billion takeover bid from its largest shareholder Washington H. Soul Pattinson in December 2023.
The group has instead announced a strategic review of its corporate trust and wealth management businesses. On Wednesday, it said the review was progressing but did not provide any further details.
The source: ASX announcement
