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Perpetual posts $1.1bn outflows

Perpetual posts $1.1bn outflows

— 1 minute read

Perpetual Investment has recorded net outflows of $1.1 billion for the fourth quarter of 2019, while its funds under management fell by $300 million from the prior three months.

Perpetual Investments’ funds under management (FUM) as at 30 June were at $27.1 billion, dropping by 13 per cent from the prior year when it had $30.8 million for the last quarter.

The investment manager posted total average FUM of $27.4 billion for the quarter, a 12 per cent decrease from the prior corresponding period.

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The $1.1 billion of net outflows comprised $1.2 billion of net outflows from Australian equities and $100 million moving out of global, both primarily from institutional and intermediary channels.

However, Perpetual saw $200 million of net inflows to its cash and fixed income segment, including $400 million capital raising for its Credit Income Trust.

Perpetual made a distribution payment to clients (net of automatic re-investments) of $300 million.

After the results were made public on Monday, share prices fell to a low $41.63 in the afternoon, down from $44.08 at 4pm Friday.

The company has already had slumped results earlier in the year; for the first half, it saw a 5 per cent decrease in revenue year-on-year to $252.3 million and a 12 per cent drop in net profit after tax to $60.2 million.

Perpetual will publish its full-year results on 22 August.

 

Perpetual posts $1.1bn outflows
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Sarah Simpkins

Sarah Simpkins

Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth. 

Prior to joining the team in 2018, Sarah spent her career working in business-to-business media, including print and online, as well as cutting her teeth on current affairs programs for community radio. 

Sarah has a dual bachelor's degree in science and journalism from the University of Queensland.

You can contact her on [email protected].

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