Perpetual slides into growth phase
Perpetual says it has cruised through its period of consolidation, into a growth phase, reporting a 37 per cent spike in underlying profit after tax (UPAT) for the last financial year.
In a statement on the Australian Securities Exchange (ASX), the Group said its UPAT grew to $104.1 million in the year to 30 June 2014, with funds under management up 18 per cent to $29.8 billion.
Perpetual Private's profit before tax grew 135 per cent to $21.6 million, with strong inflows from both the core business and the recently-acquired Trust Company.
The Group's CEO, Geoff Lloyd, credited Perpetual's Transformation 2015 strategy for delivering solid results across the business.
He said the integration of the Trust Company, purchased in December 2013, was on track to perform well, with pre-tax annualised savings growing from $15 million to between $18 and $20 million.
The Group used the announcement to reveal the launch of its new global equities solution, the Perpetual Global Share Fund.
Recommended for you
In the latest episode of the Relative Return Insider, host Maja Garaca Djurdjevic and AMP’s chief economist Shane Oliver unpack the surprising twists in the Australian economy, diving into the latest GDP numbers, what’s really driving consumer spending, and what it all means for the Reserve Bank’s next moves.
In this episode of Relative Return, host Laura Dew chats with Roy Keenan, co-head of fixed income at Yarra Capital Management, to discuss the evolving fixed income asset class, his sector preferences, and the RBA’s rate-cutting policy.
In this week’s episode of Relative Return Insider, AMP chief economist Shane Oliver joins the show to dissect the ongoing government economic reform roundtable and reflect on the wish lists of industry stakeholders – and whether there is hope for meaningful reform.
In this week’s episode of Relative Return Insider, hosts Maja Garaca Djurdjevic and Keith Ford take a look at the Reserve Bank’s latest rate cut call, the factors influencing the unanimous decision, and what economists expect from the rest of the year.
