Perpetual posts Q4 outflows of $4b as AUM rises 2.5%
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The news: Fund manager Perpetual has reported a 2.5% uptick in assets under management (AUM) for the June quarter, as each of its three businesses delivered growth for the period.
The numbers: Perpetual reported total AUM of $226.8 billion at 30 June, up from $221.2 billion at 31 March.
The company said the increase was primarily driven by favourable market movements of $14.6 billion, slightly offset by net outflows of $3.9 billion and negative currency movements of $5.1 billion.
Average AUM were lower at $222.1 billion compared to $229.2 billion in the prior quarter.
The company’s boutiques recorded the following changes in AUM and net flows:
- Barrow Hanley grew 2.8% to $84.2 billion, with net inflows of $900 million;
- J O Hambro grew 1.8% to $36.1 billion, with net outflows of $2.3 billion;
- Pendal Asset Management grew 4% to $44.2 billion, with net outflows of $700 million;
- Perpetual Asset Management grew 3.1% to $22 billion, with net outflows of $500 million;
- Trillium was flat at $8.9 billion, with net outflows of $300 million; and
- TSW grew 1% to $31.4 billion, with net outflows of $1 billion.
Perpetual's corporate trust business grew funds under management (FUA) by 0.7% to $1.27 trillion. The group's wealth management division saw FUA rise 2% to $21.5 billion.
The context: Perpetual's chief executive and managing director Bernard Reilly said that a rebound in markets in June drove AUM growth, despite a "turbulent quarter" across global equity markets.
Perpetual said it achieved its target of $30 million in annualised cost savings as at 30 June, as part of a broader simplification program to deliver $70 million to $80 million in yearly savings by 30 June 2027.
The group also said it is continuing to pursue the sale of its wealth management business and is engaged in discussions with interested suitors.
The source: ASX
