Perpetual records $500m of inflows driven by LIC
Perpetual has announced net inflows of $500 million for the December quarter largely driven by inflows into Perpetual Equity Investment Company Limited, the group's first listed investment company (LIC).
Perpetual reported its funds under management (FUM) were $31.8 billion, with net inflows of $500 million for the quarter, with a total average FUM for the three months to 31 December 2014 at $31.3 billion.
Perpetual chief executive and managing director, Geoff Lloyd, attributed the growth to the LIC which raised half of the $500 million of net inflows during the quarter.
"The launch of our first listed investment company, which raised approximately $250 million, contributed to inflow during the period," Mr Lloyd said.
While inflows into the LIC were high and ranked as the fastest growing LIC launched inflows via the group's institutional, intermediary and retail divisions were still strong with the retail division recording inflows of $200 million while inflows via the intermediary and institutional channels were $500 million and $100 million, respectively.
Echoing the results from June 2014, which saw funds under management up 18 per cent to $29.8 billion, Lloyd credited Perpetual's Transformation 2015 strategy, stating the integration of the Trust Company, purchased in December 2013, was on track to perform well, with pre-tax annualised savings growing from $15 million to between $18 and $20 million.
Offsetting inflows, the group reported an increase in outflows of $600 million for the quarter. $700 million of these outflows were due to market appreciation, offset by $100 million of semi-annual distributions.
AUTHOR
Priya Prakash
Recommended for you
First Sentier Investors chief executive, Mark Steinberg, is set to depart the asset manager after seven years.
Metrics Credit Partners has completed the acquisition of Taurus Finance Group and BC Investment Group as it looks to launch consumer lending arm Navalo.
AMP has announced to the ASX that it is being sued by property fund manager Dexus regarding the sale of its real estate and domestic infrastructure equity business.
Having seen inflows of US$5.6 billion to its fixed income funds in the last quarter, Janus Henderson has closed on a deal with life insurer Guardian to secure funds to boost its product development.
