Higher intermediary flows seen at Perpetual

Perpetual has seen a “change in the mix of AUM” with strong inflows coming from its intermediary channel in Perpetual Asset Management Australia.

Over the three months to 30 June, total assets under management (AUM) at Perpetual had fallen 8% to $90.4 billion in the fourth quarter of FY22.

AUM at Perpetual Asset Management Australia (PAMA) was $21.3 billion, down 16%, as a result of negative markets and a $1.7 billion redemption in a low-margin enhanced cash strategy.

However, Perpetual said PAMA continued to deliver positive net flows in the intermediary channel.

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Net outflows for the quarter were $1.9 billion due to the enhanced cash strategy redemptions.

Australian equities strategies generated $6.1 million in performance fees for the second half of FY22 and $10.6 million for the full year, mostly from the Pure Equity Alpha and Pure Microcap funds.

Chief executive, Rob Adams, said: “[In PAMA], we are seeking a change in the mix of our AUM, with the higher margin intermediary channel, which has been a key area of focus for our distribution and marketing teams, recording its strongest year of inflows in seven years with a strong and growing pipeline.

“In our asset management businesses, material new client wins this quarter, combined with a solid pipeline of new business opportunities across all key markets, positions us well to improve our net flow profile in FY23. We are confident in our ability to execute on our strategy to grow with discipline, supported by our strong balance sheet.”