Perpetual set for profit boost
Perpetual Trustee Companyis set to improve its 2003 profit performance by at least 25 per cent, fuelled by strong growth in its funds management business and increases within the groups corporate trust operations.
However, in an address to shareholders, Perpetual chairman Charles Curran is not making any guarantees that this year’s profit levels - set to outperform last year’s $68.2 million figures - will extend beyond 2004.
Despite this though Curran says the group has scheduled a special June dividend payment of 50 cents, as well as a final dividend of not less than 80 cents to be paid in August.
Since the December quarter,Perpetual Investments' funds under management has increased by $1.2 billion to $20.6 billion as at April 30 2004.
Perpetual was recently named investment manager of the year at theMoney Management/AssirtFund Manager of the Year 2004 awards, and also took out the award in the Australian equity category.
The corporate trust business has also continued to deliver strong inflows, with securitisation funds under administration growing $7.2 billion to $104.5 billion since the December quarter.
Meanwhile structural reorganisation, particularly the grouping of independent divisions under the umbrella of wealth management will transfer into cost savings of $5 million annually.
Curran also revealed that Perpetual’s multi-manager retail platform has now been signed as an approved platform by 32 dealer groups since its launch in September 2003 and says Perpetual will continue to broaden its revenue base through the development of administrative support services.
AUTHOR
Recommended for you
In this episode of Relative Return, host Laura Dew speaks with Steve Johnson, founder and CIO at Forager Funds Management, about the impact of human psychology on investing and whether fund managers can ever beat algorithms.
In this episode of Relative Return, host Laura Dew speaks with Daniel Bower, chief product officer at FinClear, and Bill Keogh, chief executive of Transact1 (a FinClear subsidiary) to discuss cash as an asset class.
In this episode of Relative Return, host Maja Garaca Djurdjevic is joined by shadow treasurer Angus Taylor to discuss the current state of the financial advice sector, the economy, the housing affordability crisis and more.
In this episode of Relative Return, host Laura Dew speaks with Andrew Mitchell, director and senior portfolio manager at Ophir Asset Management, about why he loves working in fund management and the lessons he’s learnt in a decade of running a firm.
