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.