Pendal Group has closed the December quarter with a $5 billion increase to its funds under management, a rise of 5.4 per cent.
The firm reported a combination of strong markets and investment performance had led to an uplift in funds under management (FUM) of $9.3 billion, leading to its grand total FUM of $97.4 billion.
Meanwhile movements from the UK strategies of subsidiary J O Hambro Capital Management (JOHCM) were the primary contributor to Pendal’s net outflows of $1.6 billion.
There had also been a negative currency impact of $2.7 billion, as the Australian dollar strengthened against major currencies.
Emilio Gonzalez, chief executive of Pendal said the FUM uplift had resulted from the company’s diversified business model.
“We continued to see positive momentum in US pooled funds and the Australian wholesale channel and pleasingly we have had strong initial support for the Regnan Global Equity Impact Solutions strategy with the recently launched UK OEIC fund approaching $100 million in client money by the end of the quarter,” Mr Gonzalez said.
“Investor sentiment in the UK and Europe and investment performance in our JOHCM value-oriented funds improved in the second half of the quarter.”
Pendal Australia’s FUM climbed by $2.4 billion during the quarter, with its investment performance offsetting outflows of $200 million.
The wholesale channel attracted $100 million, with support from platforms and dealer groups luring inflows into Australian equities, cash and fixed-interest funds.
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
You can contact her on [email protected].
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