Perpetual Limited has reported a 25 per cent increase in net profit after tax for the year end 30 June 2015.
The investment management firm’s underlying net profit after tax came in at $130.5 million compared to the previous year.
The firm’s statutory net profit after tax was $122.5 million for the year end – an increase of 50 per cent.
Perpetual chief executive and managing director Geoff Lloyd said: “Our strong results reflect the successful completion of the Transformation 2015 strategy including the delivery of more than the targeted savings.”
“I am pleased with the strength of our business, our lean and focused business model, the performance momentum in each of our divisions and the strong foundations we have laid for continued growth.”
Moreover, Perpetual Investments recorded a net profit after tax of $125.6 million – 11 per cent higher than the previous financial year.
“During 2014-15 we were pleased to announce a number of new growth initiatives including the successful listing of Perpetual Equity Investment Company, which raised over $250 million,” Mr Lloyd said.
Mr Lloyd said the firm’s Global Share Fund also contributed to the result.
“With continued strong performance over clients’ investment time frames, we are pleased to be extending the strong brand and reputation we have in Australian equities into other asset classes including global equities, credit and multi-asset classes,” he said.
Perpetual Private's – the firm’s personal wealth advisory and trustee services arm – profit before tax was $37.5 million, up 74 per cent on the prior corresponding period.
Perpetual attributed the result to growth in high-net-wealth clients, net flows, the acquisition of The Trust Company, and equity market gains.
“Perpetual Private’s focus on providing strategic and quality financial advice has delivered strong results for Perpetual and our clients, and having invested in this business we have a solid foundation for scalable growth,” Mr Lloyd said.
“As part of Lead and Grow we will maintain our strategic objective of leading in the high-net-worth advice market by developing new referral channels and focusing on compelling client segments.”
Perpetual will pay a fully franked dividend of 125 cents per share, taking the dividends for the year to 240 cents, up 37 per cent on 2013-14.
Asset managers are set to experience rough tides in the next few years, with the US and Europe to adopt quantitative tightening, according t...
Global credit investment manager Bentham Asset Management has added the Bentham Asset Backed Securities Fund to the ASX mFund Settlement Ser...
A dedicated renewable energy fund has raised over $150 million to bring its fund size to $540 million. ...