Perpetual has posted a strong result buoyed by record flows into Perpetual Private ahead of the September start date of incoming chief executive Rob Adams.
Perpetual has announced a statutory net profit after tax of $140.2 million for the year ending 30 June 2018, up 2 per cent on the previous financial year.
The company’s private wealth business, Perpetual Private, delivered a profit of $46.1 million (up 14 per cent) that was driven by positive net flows and new client growth.
Perpetual interim chief executive Chris Green said: “In a challenging year for the financial advice industry, our strategy and differentiated approach have underpinned record inflows and 10 consecutive halves of positive net flows.”
Record referrals from Perpetual’s Fordham business reflects the “complementary and cohesive” nature of the company's business model, Mr Green said.
Perpetual Investments posted a $112.5 million profit, down 3 per cent on the prior year.
“Markets conditions have been challenging for Perpetual Investments, although a number of product extensions are gaining traction and attracting inflows,” Mr Green said.
Perpetual Corporate Trust performed well, posting a profit before tax of $42.6 million (up 16 per cent on the previous year).
New Perpetual chief executive Rob Adams, the replacement for the long-serving Geoff Lloyd, commences his role on 24 September.
Mr Green said Mr Adams has a “proven track record of developing and executing on growth strategies”.
Wealth management relationships are under threat as clients look to switch providers driven by the impact of the royal commission. ...
S&P Dow Jones has announced a new addition to its global ESG index using enhanced ESG scores and granular data. ...
Investor confidence is on the rebound and the ASX hit a 12-year high on Monday. But it’s not all good news for the Australian economy. ...