Perpetual loses $1.1 billion in a month
Perpetual Investmentshas suffered a massive decrease in funds under management losing $1.1 billion between the end of January and the end of February this year.
Across the month Perpetual’s funds under management figure dropped from $17.5 billion to $16.4 billion.
Perpetual retail business general manager Gerard Doherty has said the drop in funds under management was the result of a number of key factors, most noticeably the loss of a $500 million institutional mandate and the poor market conditions resulting in declining asset values in weaker international and Australian share markets.
Perpetual did not name the group involved in the loss of the mandate but the news follows on fromFrank Russellgroup dropping Perpetual in November last year as one of the managers in its Russell Australian Shares Fund.
Perpetual were replaced at that time byPerennial Value Management.
Recommended for you
As advisers risk losing two-thirds of FUA during the $3.5 trillion wealth transfer, two co-founders underscore why fostering trust with the next generation is vital to retaining intergenerational wealth.
As advisers seek greater insights into FSCP determinations, what are the various options considered by the panel and can a decision be appealed?
Amid the current financial adviser shortage, advice firm Link Wealth is looking to expand its financial literacy program for high school students across the country.
TAL Risk Academy has updated its range of ethics courses to help financial advisers meet their CPD requirements following adviser feedback, including interpreting FSCP determinations.
