Perpetual sets profit target
Perpetual is looking to its new global equities operation in Dublin to help it achieve a 10 per cent growth target by the end of June next year.
The optimism comes despite several investment ratings houses expressing concern over Perpetual’s move to drop the growth style US-based Fidelity Investments in favour of a Dublin based team of value-orientated managers to administer its $2.2 billion global equity portfolio.
But both Perpetual chairman Charles Curran and managing director David Deverall said the group was on track to outperform on last year’s results by focusing on new initiatives and balancing out the existing business portfolio.
“With increased fund flows as markets remain positive and continued careful management of operating expenses, I am pleased to advise that subject to market conditions we are more confident of achieving an increase in operating profit after tax of excess of 10 per cent for the year to June 2005,” Curran said.
“We are moving to better balance our activities to reduce exposure to market fluctuations.”
Deverall said: “In order to achieve a more balanced portfolio, during the years we created the integrated wealth management division, completed an extensive review of our advice business to deliver increased profit in the coming years.
“We believe the global equities market presents significant opportunities for Perpetual through its size, high growth potential and the increasing trend for investors to diversify their investment portfolios by taking advantage of global opportunities,” he said.
Recommended for you
In this week’s episode of Relative Return Insider, AMP chief economist Shane Oliver joins the show to discuss Australia’s stagnating productivity ahead of the government’s economic reform roundtable, and how picking all the “low-hanging fruit” for reform in the ’90s helped kick off a surge that has since stalled out.
In this episode of Relative Return Insider, host Keith Ford is joined by Cyber Daily deputy editor David Hollingworth to take you inside the evolving landscape of cyber crime, how even huge companies can be at risk of breaches, and what that means for anyone trying to understand the risks.
The latest episode of Relative Return sees host Laura Dew chat with Richard Ivers and Mike Younger, co-portfolio managers at Prime Value Asset Management, on their newly launched Microcap Fund and opportunities in small and mid-cap shares.
In this week’s episode of Relative Return Insider, hosts Maja Garaca Djurdjevic and Keith Ford dive into the week's top news, from investors remaining blasé about tariff announcements to bitcoin surging and unemployment numbers.
