Sumary of Banks and miners knock ASX from record high; CSL, Afterpay, Zip rise:
- ASX-listed fundie Perpetual boosted total assets under management by 3.1 per cent to $98.3 billion in the June quarter, with the company’s Australian segment outperforming.
- Perpetual this morning said its local business reported a 4.2 per cent increase in funds under management to $24.7 billion over the period thanks to positive investment markets and an improvement in the net flows.
- Credit:Louie DouvisThe larger international segment lifted assets under management by 2.8 per cent to $73.6 billion, including Trillium Asset Management and Barrow Hanley.
- Perpetual Corporate Trust’s Funds under Administration fell 2 per cent to $922.8 billion, largely driven by the scheduled close of the RBA’s Term Funding Facility.
- Perpetual chief executive Rob Adams said the company’s asset management teams across the globe delivered strong performance over the financial year, with Perpetual’s Australian Equities, Credit &
- The company this morning said underlying expenses will be approximately 3 per cent higher than FY20 – in line with previous guidance.
- Perpetual Asset Management International total expenses will add approximately 31 per cent to the FY20 cost base, slightly above previous guidance of 28-30 per cent, due to higher costs associated with employee profit share schemes as a result of higher than expected earnings at Trillium and Barrow Hanley.
- Significant items for the year will be approximately $48 million after-tax, slightly lower than previous guidance of $50 to $55 million due to lower transaction and integration costs and the timing of bolt-on acquisitions.