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.

Related News:

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.




Recommended for you

Author

Comments

Add new comment