Perpetual positive on first quarter
Perpetual Limited has pointed to its integration of the Pendal Group being on track within a first quarter business update to the Australian Securities Exchange (ASX) revealing a pick-up from its lack-lustre June quarter results.
Perpetual chief executive and managing director, Rob Adams said the September quarter had shown a marked improvement in total net flows across the Asset Management business when compared to the June quarter.
He said it had delivered positive net flows “despite the current operating environment, with volatility impacting markets and investor confidence globally”.
Adams pointed to positive flows for Barrow Hanley and Trillium, with a moderation of outlfows from J O Hambro Capital Management.
“Our new business pipeline has continued to grow, supported by strong investment performance with 77% of the Group’s strategies outperforming their benchmarks over the important three-year time horizon,” he said. “We have seen continued strong interest in Barrow Hanley strategies and growing interest in several J O Hambro strategies and expect that positive momentum to continue into the December quarter.”
Adams said that with respect to Wealth Management, despite the difficult operating environment, the company had seen another quarter of positive net flows while its non-market linked revenue streams continued to perform well.