Perpetual Limiteds Strong First Quarter Performance

In the first quarter of fiscal year 2024, Perpetual Limited (ASX:PPT) has maintained its position with steady AUM at AU$211.7 billion, alongside net inflows of A$0.1 billion.

CEO's Optimistic Outlook

CEO and Managing Director, Rob Adams, expressed optimism in the face of market volatility. He noted that despite challenging conditions, Perpetual demonstrated its strength in various areas, particularly

Asset Management.

Barrow Hanley stood out with AU$0.5 billion in net inflows, primarily driven by global and international strategies and the launch of a second Collateralized Loan Obligation offering. In the past nine months, Barrow Hanley has seen over AU$1 billion in net inflows. Since acquiring Trillium in 2020, AUM has nearly doubled to AU$9.7 billion, with AU$2.3 billion in net inflows.

Positive Momentum in Integration

The integration of Pendal Group remains on track, with a moderation in outflows and new clients attracted to JO Hambro strategies. The company's new business pipeline is growing, supported by strong investment performance.

Strong Corporate Trust and Resilient Wealth Management

Perpetual Digital in the Corporate Trust sector continues to attract significant clients. In Wealth Management, despite a challenging environment, positive net flows were observed.

AUM and Expense Guidance

Total AUM for Asset Management was AU$211.7 billion. Perpetual reiterates its FY24 total expense growth guidance of 27% - 31%, including 12 months of Pendal’s expenses, while considering currency fluctuations.

Additional Insights

In the quarter, performance fees of approximately AU$3 million were realized in Perpetual Asset Management and Barrow Hanley. The integration of Pendal Group is progressing well, with synergies

tracking to plan.

Corporate Trust and Wealth Management Metrics

Corporate Trust reported a 1.7% increase in Funds Under Administration (FUA), and Wealth Management reported total Funds Under Advice (FUA) at AU$18.4 billion.

Future Expectations

In summary, Perpetual Limited showcased resilience and growth in its Asset Management and Corporate Trust businesses, while Wealth Management maintained positive net flows. The integration of Pendal Group remains on course, with positive momentum expected to continue into the next quarter.

Customer Notice:

Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.

Kapitales Research, Level 13, Suite 1A, 465 Victoria Ave, Chatswood, NSW 2067, Australia | 1800 005 780 | info@kapitales.com