A strong result for Perpetual’s wealth management division has helped the financial services firm post an increased profit of $137.3 million.
Perpetual's net profit after tax for the 2016-17 financial year was $137.3 million, up 4 per cent on the prior year.
The improved profit was largely thanks to Perpetual Private, which saw its profit before tax increase by 18 per cent on 2015-16 to $40.5 million.
Perpetual chief executive Geoff Lloyd singled out Perpetual's efforts to target wealthy doctors, which resulted in 70 new "medical specialists" becoming Perpetual Private clients throughout 2016-17.
Perpetual Investments' profit before tax was down 1 per cent to $116.5 million, with lower performance fees taking their toll – although that was "largely offset" by higher funds under management due to higher equity markets.
"In spite of challenging market conditions for active value investors, 88 per cent of our funds are in the first or second quartile over five years, 100 per cent over seven years and 83 per cent over 10 years," Mr Lloyd said.
Perpetual Corporate Trust posted a profit before tax of $36.7 million, up 8 per cent on the 2015-16 result.
Mr Lloyd said the launch of data analytics platform ABSPerpetual Business Intelligence had opened up new revenue growth for the corporate trust business.
AMP could face further risks according to analysts at Morgan Stanley, with the negative flow trends across the wealth giant expected to cont...
The wealth and trustee arm of MyState, TPT Wealth, has seen a slight increase of 1 per cent during the first quarter of financial year 2021,...