Perpetual announces increased profits
Perpetual has reported a $131.5 million operating profit after tax for the 2006 financial year, which is a 13 per cent increase on last year’s result.
In regards to wealth management, Perpetual Investments’ funds under management (FUM) experienced a 23 per cent boost during the past 12 months, bringing the year’s total to $32.8 billion.
Breaking this figure down, retail FUM totalled $8.4 billion, while master funds and wraps came to $15.4 billion, and institutional equalled $9 billion.
Perpetual also announced that its global equities FUM had increased by 17 per cent to $2.1 billion.
The company put these results down to solid growth across the business during the year and increased funds in financial advisory, which it said had grown by 19 per cent to $4.4 billion.
Perpetual chief executive David Deverall said he was confident that, subject to prevailing market conditions, the company would experience further growth during 2007.
Perpetual said it would continue to maximise the core business of its wealth management arm, with results already emerging from new initiatives.
Recommended for you
In this week’s episode of Relative Return Insider, hosts Maja Garaca Djurdjevic and Keith Ford discuss a busy week of announcements from ASIC, with submissions to its public and private markets paper made (mostly) public.
In this week’s episode of Relative Return Insider, AMP chief economist Shane Oliver joins the show to unpack Australia’s underwhelming March quarter GDP figures and what they signal for the Reserve Bank’s next move.
The latest episode of Relative Return sees host Laura Dew chat with Brian Jones, founder of outsourcing company VA Platinum, on why choosing to outsource certain functions of your business can enable you to be efficient and productive.
In this episode of Relative Return Insider, hosts Maja Garaca Djurdjevic and Keith Ford are joined by Money Management editor Laura Dew to discuss learnings from JP Morgan’s recent conference in London, and what top fund managers and analysts see driving market behaviour.
