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
Licensee Centrepoint Alliance has completed the acquisition of Brighter Super’s annual review service advice book, via Financial Advice Matters.
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.
