Perpetual flags changes
Perpetual Limited has confirmed its profit forecast of around $72.8 million, at the same time as announcing a range of measures including what it headlined as a cost and efficiency drive resulting in the loss of 102 positions and a greater focus on product distribution.
In an announcement released to the Australian Securities Exchange today, Perpetual managing director Chris Ryan (pictured) said the initiatives followed a portfolio review of Perpetual’s product lines, services and infrastructure to determine whether they were “best managed for growth, profit or exit”.
He said the decision process evolving out of that review had not yet been completed and the company was likely to update the market when further decisions were made.
Looking at Perpetual’s various business units, Ryan said that in the Perpetual Investments business unit, both the Australian equities and income and multi-sector business would utilise their well recognised manufacturing strengths to develop new strategies and products.
He said demand and opportunities existed for Perpetual’s involvement in the international equities class.
Referring to Perpetual Private Wealth, he said clear client segmentation – supported by increased scale and capabilities – was helping the business ensure it met the true needs and growth potential of its target segment: high-net-worth individuals.
Ryan referred to an expansion of the Private Wealth service range to include additional sources or revenue, and the continuation of the company’s organic and inorganic growth strategy.
AUTHOR
Mike Taylor
Recommended for you
Rising advice fees has prompted Radar Results to increase its price guide to a minimum of $3,000 per client to reflect the changing shape of the adviser landscape.
Investment consultancy Ascalon Capital has appointed a new partner, who joins from 20 years at Zenith Investment Partners, as well as a new chief executive amid a “bold new chapter” for the firm.
Despite the perception that short-term market events shouldn’t affect portfolio decisions, Praemium research finds 60 per cent of advisers have made portfolio changes in response to US President Donald Trump’s decisions.
International advice group Findex has appointed a senior individual to spearhead its M&A and growth operations across Australia and New Zealand, seeking to make the brand a household name.
