Resilient Pendal delivers reduced dividend
Investment house Pendal will reward its shareholders with an interim dividend, but at levels much lower than previous years as a result of the uncertainties surrounding the COVID-19 pandemic.
Releasing its half-year results to the Australian Securities Exchange (ASX) today, Pendal reported a 21% decline in statutory net profit after tax to $58.4 million, but a 2% increase in cash net profit after tax to $86.6 million.
The company said it was delivering on a dividend, albeit a reduced one, because it recognised the importance of dividends to shareholders. The dividend was 15 cents per share.
“Pendal stress-tested its business against a range of financial scenarios, and while the board is confident in the company’s ability to weather the impacts of the COVID-19 pandemic, it believes it is prudent and sensible to reduce the interim dividend,” it said.
In a letter to shareholders, Pendal chair, James Evans attributed the company’s relative resilience in the face of difficult markets to its diversification.
Recommended for you
Nuveen has made its private real estate strategy available to Australian wholesale investors, democratising access to a typically institutional asset class.
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.
