Perpetual looks for advice growth
Perpetual Limited has flagged possible further growth in its financial advice business, Perpetual Private, via “bolt-on acquisitions”.
The company has flagged the growth on the back of a 2% increase in funds under advice (FUA) to $14.6 billion.
It said the $0.3 billion increase in FUA was predominantly due to $0.2 billion positive net flows largely from its new advisor growth strategy combined with $-0.1 billion of mark to market movement.
The announcement around Perpetual Private came within the company’s first quarter business update to the Australian Securities Exchange within which it reported that Perpetual Investments assets under management were up 2% to $29 billion due to mark to market and positive net inflows.
Commenting on the quarter, Perpetual chief executive, Rob Adams said the company’s diversified business model continued to demonstrate its value.
On Perpetual Private he said the company had seen positive flows from its new advisers as they transitioned clients across to Perpetual.
“We welcomed another adviser during the quarter and continue to explore complementary bolt-on acquisitions that align with our professional services business model,” he said.
Recommended for you
Large AFSLs with more than 100 advisers are seeing the largest losses in both adviser and AFSL numbers as individuals seek a smaller, personal vision in their work.
Former deputy CEO of AMP Capital, David Atkin, has announced he will be returning to Australia after stepping down as chief executive of the Principles for Responsible Investment organisation.
A global Morgan Stanley report has found 83 per cent of Asia-Pacific individual investors would select a financial adviser based on their sustainable investment offerings, and are most understanding of how ESG can boost returns.
Insignia Financial has announced the status of the two private equity bidders as due diligence comes to an end, with one bidder opting to pull out.
