Perpetual posts $73.5m profit
Strong growth in funds under management in the six months to December 31 last year has helped Perpetual to a net interim profit after tax of $73.5 million, a 13 per cent increase on last year’s result.
Funds under management (FUM) in Perpetual Investments also grew by 13 per cent in the interim period to $30.3 billion, bolstered by net inflows of $1 billion and market and other movements of $2.6 billion.
The wealth management division posted a 10 per cent rise in interim revenue to $153.5 million, compared to $139.7 million in the corresponding period in 2004.
The group’s advisory arm, Perpetual Private Clients, posted revenue growth of 12 per cent, driven by an increase in funds under advice and administration of 7 per cent to $7.8 billion.
Managing director David Deverall said he was “very encouraged to see some of out strategic initiatives already outperforming expectations.
“Specifically, our new credit products are proving to be very attractive to clients, contributing $1.7 billion to the FUM balance at December 31, 2005, less than 12 months after their launch.”
He added that the “long-term prospects are excellent” for Perpetual’s global equities initiative, PI Investment Management Limited (PIIML).
An interim dividend of $1.62 per share fully franked is to be paid in March, representing a 25 per cent increase over the previous interim’s dividend.
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