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 this episode, host Laura Dew speaks with Chris Brycki, founder and CEO of Stockspot, about the rise of fintech, robo-advice, and the importance of financial education.
In this episode, host Laura Dew speaks with Christopher Chen, senior investment director, Asia Pacific, at American Century Investments, about global small caps, technology stocks, and why ESG is not a political statement.
In this episode of Money Management's Meet the Manager, we're joined by Chris Hestelow, investment specialist at Allan Gray Australia. Hestelow discusses why diversified managed funds are a great tool for advisers looking to diversify client portfolios and can be a great complement to a managed account structure.
In this episode, host Keith Ford speaks with Frank Danieli, managing director and head of credit investments and lending at MA Financial, about the evolving landscape of private credit in Australia.