Perpetual reports Q3 outflows of $8.9b as AUM drops 4%
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The news: Fund manager Perpetual reported a 4% decrease in assets under management (AUM) for the March quarter, as each of its boutiques reported net outflows for the period.
The numbers: Perpetual reported total AUM of $221.2 billion at 31 March, down from $230.2 billion at 31 December.
The company said the decline was mostly driven by net outflows of $8.9 billion and negative currency movements of $900 million, marginally offset by favourable market movements of $700 billion.
Average AUM was higher at $229.2 billion compared to $227 billion in the December quarter.
The company’s boutiques recorded the following changes in AUM and net flows:
- Barrow Hanley fell 3.7% to $81.9 billion, with outflows of $3 billion;
- J O Hambro fell 1.9% to $37.5 billion, with outflows of $1.6 billion;
- Pendal Asset Management fell 4.9% to $42.5 billion, with outflows of $1.7 billion;
- Perpetual Asset Management fell 3.7% to $21.3 billion, with outflows of $400 million;
- Trillium fell 9.2% $8.9 billion, with outflows of $300 million; and
- TSW fell 1% to $31.1 billion, with outflows of $1.6 billion.
The context: Perpetual's chief executive and managing director Bernard Reilly noted that the company did not see any significant de-risking from clients across its boutiques, and group investment performance was "robust", with 62% of strategies outperforming over three years.
However, he said the fund manager is "mindful of the evolving macro-economic environment" since the start of April, and the impact of these external conditions on sentiment towards equities investments.
The source: ASX
