In the financial year to 30 June 2014, both Perpetual’s Share-Plus Long Short Fund and Australian Share Fund were added to the model of a ‘large wealth management group’, while its Dynamic Fixed Income Fund and Pure Equity Alpha Fund were added to a ‘key industry platform’.
Perpetual’s Share-Plus Long Short Fund was also added to the approved product list of a ‘large wealth management group’.
Perpetual Investments was awarded a mandate by a new institutional client for its concentrated strategy, which was funded during the June quarter.
The company announced in an ASX statement that it had generated $0.2 billion in net inflows for the financial year ended 30 June 2014 compared with net outflows of $0.5 billion during the same period the previous year.
“Net inflows during the quarter included two significant gains in the institutional channel into several equities strategies,” said Perpetual.
Perpetual’s FUM as of 30 June 2014 represented $29.8 billion, which included $1 billion from the Trust Company, which was acquired in December 2013.
However, the firm’s FUM also saw a decrease of $0.3 billion due to the divestment of the New Zealand business of the Trust Company in April 2014.
Perpetual chief executive Geoff Lloyd said the “continued momentum in net inflows reflects the strength of Perpetual’s asset management team and a clear focus on our reinvigorated sales and distribution strategy”.
