Pendal Aussie FUM declines in March quarter
Pendal’s Australian funds under management (FUM) have declined by 3.8% in the March quarter as a result of market movement and investment performance.
FUM at the end of December 2021 was $35.9 billion but had since declined to $34.5 billion.
This was comprised of $0.5 billion from flows and $0.9 billion related to market movements, investment performance and distributions.
Institutional outflows and those from Westpac were $0.2 billion each while wholesale outflows were $0.1 billion.
Pendal said fund flows in Australia were “slightly down with a small level of portfolio adjustments and Westpac outflows of $0.2 billion, in line with expectations”.
Total Pendal Group flows (ex cash) fell from $125.7 billion to $114 billion.
The Australian FUM movement compared to flat FUM during the previous quarter to December 2021 when funds remained steady at $35.9 billion during the quarter.
Chief executive, Nick Good, said the firm had seen “significant improvement” in flows but that weak and volatile markets had impacted the overall fund levels.
The firm also declined a buyout bid from Perpetual as it felt it wasn’t in the best interest of shareholders.
AUTHOR
Laura Dew
Recommended for you
Six months after scrapping its planned deal with KKR, Perpetual is yet to make significant headway on the sale of its wealth management division but is focusing on alternatives for product development.
Platinum Asset Management’s NPAT has fallen by 89 per cent in FY25, with the firm confirming that it will be renamed as L1 Group following the expected completion of its merger with L1 Capital.
Statutory NPAT at Pacific Current has almost halved in FY25 to $58.2 million as the result of an investment restructure.
Being able to provide certainty about redemptions is worth fund managers pursuing when targeting the retail market even if it means sacrificing returns, according to Federation Asset Management.
