Perpetual’s adviser business sees record net flows
Perpetual Private has seen record net flows due to its adviser growth strategy, but Perpetual Limited’s net profits after tax (NPAT) declined 9% to $74.9 million.
In its full-year results released to the Australian Securities Exchange (ASX), Perpetual Private reported record net flows of $783 million, which included $405 million from its adviser growth strategy.
Perpetual Private saw funds under administration grow 19% to $17 billion, while revenue was flat at $183.8 million.
“FUA was 19% higher primarily due to higher equity markets and positive flows supported by adviser growth strategy; average FUA was 5% higher,” Perpetual said.
“Revenue flat, with 4% increase in market revenues from lower interest rates and economic slowdown.”
Total assets under management (AUM) had reached $98.3 billion – a growth of 246% over the previous year.
For Perpetual Limited, net profit after tax (NPAT) was down 9% to $74.9 million, which it attributed to one-off items associated with acquisitions and integration costs.
Perpetual Asset Management Australia delivered total revenue of $165.7 million, down 5% on FY20. However, assets under management rose 8% to $24.8 billion.
Revenue was up 31% to $640.6 million, which reflected higher levels of AUM, the contributions of Trillium and Barrow Hanley, and increased fee performance.
The company said it would pay a fully franked interim dividend of 96 cents per share (cps), which brough the total FY21 dividend to 180 cps, up 16% from FY20.
Rob Adams, Perpetual chief executive and managing director, said the year was transformational for the firm as it now managed close to $100 billion in AUM.
“Our FY21 financial performance reflects the positive impacts of our transformational acquisitions,” Adams said.
“Despite an external environment that continued to present uncertainty due to the impacts of COVID-19, all four of our operating divisions made strong progress with our strategic priorities and investments in growth initiatives.
“At 30 June, the group maintained its strong balance sheet which positions us to drive organic growth and take advantage of inorganic opportunities to add further depth and breadth of capability to our offerings globally.”
AUTHOR
Chris Dastoor
Recommended for you
Bell Financial Group has appointed a chief investment officer who joins the firm from Clime Investment Management.
Private markets funds with “unattractive practices” could find themselves facing enforcement activity with ASIC chair Joe Longo stating he cannot rule it out in the future.
Despite ASIC concerns about private credit funds being accessed via the advised channel, there are questions regarding how high its usage actually is among financial advisers.
Challenger has looked to the superannuation industry for its appointment of a group chief investment officer, a newly-created role.
