Perpetual flags $128m impairment, driven by JO Hambro contract carrying value

The news: Fund manager Perpetual expects to recognise a non-cash impairment charge of $153.7 million post-tax for financial year 2025, with the loss mainly driven by the carrying value of goodwill and contracts with its JO Hambro boutique asset management business.

The numbers: The $153.7 million non-cash charge includes a $128.2 million impairment in the second half of FY25 predominantly through JO Hambro.

The context: As flagged in previous FY25 quarterly updates, JO Hambro strategies “continued to experience greater than expected net outflows throughout FY25”.

Perpetual told the exchange that the impairment will impact its FY25 statutory results but there is no impact on its current liquidity profile.