Perpetual grows FUM to $30.4 billion
Perpetual's acquisition of the Trust Company late last year helped lift its funds under management (FUM) by 9.4 per cent to $30.4 billion in the last quarter.
The December acquisition contributed $1.3 billion to Perpetual's FUM, which sat at $27.8 billion at the end of September 2013.
The remainder of the growth was attributed to both market appreciation and net inflows.
The market delivered $1 billion, which was slightly offset by $0.1 billion in semi-annual distributions.
It also collected $0.2 billion in the Australian equities asset class inflows and $0.2 billion in cash and fixed income.
Commenting on the results, Geoff Lloyd, CEO and managing director of Perpetual said: "This is our second consecutive quarter of net inflows for the financial year".
"This quarter's improvement in net flows in the intermediary and institutional channels has benefited from the consistent outperformance by our asset managers coupled with our reinvigorated sales and distribution strategy."
Recommended for you
VanEck is expanding its fixed income range with a new ETF this week to complement its existing subordinated debt strategy which has received $1 billion in inflows this year.
Specialist global equities manager Nanuk has celebrated 10 years of its flagship New World Fund and is actively considering its next possible vehicle.
Australian equities manager Datt Capital has built a retail-friendly version of its small-cap strategy for advisers, previously only available for wholesale investors.
The dominance of passive funds is having a knock-on effect on Australia’s M&A environment by creating a less responsive shareholder base, according to law firm Minter Ellison.
