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
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
