Perpetual AUM drops $8.3 billion during March quarter
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The news: Perpetual Group’s assets under management (AUM) fell $8.3 billion (3.6%) to $219.2 billion during the March quarter.
The numbers: Net outflows were at $4.9 billion, mainly driven by JO Hambro and Barrow Hanley. Perpetual said JO Hambro’s outflows of $2.5 billion were mostly affected by a client rebalancing its portfolio in the boutique’s Select strategies, while Barrow Hanley experienced outflows of $1.7 billion in its global and US strategies.
By the end of the quarter JO Hambro’s AUM fell 10.6% to $30.9 billion and Barrow Hanley dropped 2.8% to $85.2 billion.
Pendal Asset Management was the only boutique to lift its AUM as it increased 2.7% to $44.9 billion.
Meanwhile, negative market movements and unfavourable currency movements led to AUM falls in Perpetual Asset Management, down 2.2% to $22.4 billion, Trillium, down 9.3% to $7.2 billion, and TSW, down 6.8% to $28.7 billion.
On its corporate trust, total funds under administration (FUA) increased 0.3% to $1.32 trillion.
Total FUA for its wealth management arm fell 4% to $21.1 billion while net flows were flat. The sale of the wealth management business to Bain Capital is expected to be completed later this year.
What they said: Perpetual chief executive Bernard Reilly said: “The business has been resilient through what continues to be a highly volatile period in global equity and economic markets.”
The source: ASX
