Pendal reports FUM growth ahead of Perpetual acquisition
Pendal Group has released its results for the quarter ending 31 December 2022, reporting a 2.7% increase (excluding cash) in the value of its funds under management (FUM).
FUM rose over the period from $95 billion as at 30 September, 2022 to $97.6 billion.
The company’s performance across Europe, the United Kingdom, and Asia (EUKA) contributed to half ($1.3 billion) of the company’s total FUM growth ($2.6 billion), despite making up just 22.4% of the group’s combined FUM portfolio.
Pendal Group also recorded a multibillion-dollar FUM boost in Australia — up 4.2% to $29.7 billion — which contributed to just over 30% of the group’s total FUM.
In contrast, the firm’s US portfolio, which contributed approximately 47% of total FUM, recorded modest growth of just 0.2% ($100 million), closing the December quarter at $46 billion.
The release of Pendal’s results for the December quarter came just hours after the Supreme Court of NSW approved Perpetual Limited’s proposed acquisition of the company via a scheme of arrangement.
The scheme is slated for formal implementation on 23 January 2023, providing Pendal shareholders with a consideration mix comprising a total of:
- $1.65 cash per Pendal share, less the permitted dividend amount of 3.5¢ per share — paid to Pendal shareholders on 15 December, 2022; and
- One Perpetual share for every seven Pendal shares.
Supreme Court approval was granted just weeks after the requisite majority of Pendal shareholders voted in favour of Perpetual’s takeover offer.
Approximately 99.28% of shareholders reportedly greenlit the proposal— well beyond the 75% required to sanction the deal.
AUTHOR
Charbel Kadib
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