Perpetual Limited has flagged possible further growth in its financial advice business, Perpetual Private, via “bolt-on acquisitions”.
The company has flagged the growth on the back of a 2% increase in funds under advice (FUA) to $14.6 billion.
It said the $0.3 billion increase in FUA was predominantly due to $0.2 billion positive net flows largely from its new advisor growth strategy combined with $-0.1 billion of mark to market movement.
The announcement around Perpetual Private came within the company’s first quarter business update to the Australian Securities Exchange within which it reported that Perpetual Investments assets under management were up 2% to $29 billion due to mark to market and positive net inflows.
Commenting on the quarter, Perpetual chief executive, Rob Adams said the company’s diversified business model continued to demonstrate its value.
On Perpetual Private he said the company had seen positive flows from its new advisers as they transitioned clients across to Perpetual.
“We welcomed another adviser during the quarter and continue to explore complementary bolt-on acquisitions that align with our professional services business model,” he said.
