This comprised a $2.3 billion increase due to market appreciation, and $0.2 billion of net inflows – the group's first quarter of positive net flows in four years.
The Australian equities component of Perpetual’s FUM grew from $18.7 billion to $21.3 billion as the S&P/ASX 300 Accumulation Index increased by 10.3 per cent over the quarter. This component included the $0.2 billion of net flows.
These flows included $0.3 billion in net flows from the institutional channel, primarily to the sustainability, pure equity alpha and smaller companies strategies, and $0.1 billion in outflows via the intermediary and retail channels, primarily from the Industrials strategy, Perpetual stated.
Institutional inflows of $0.3 billion to the group’s cash and credit strategies were balanced out by $0.2 of outflows from the Exact Market Cash Fund and $0.1 billion of capital returned to retail and intermediary channel investors in a suite of mortgage funds that closed in late 2011.
A further $0.3 billion is due to be returned from these funds by March 2014, Perpetual stated.
“It is pleasing to be able to report our first quarter of net inflows in more than four years,” said Geoff Lloyd, Perpetual managing director and chief executive.
“This result reflects our strong investment performance, coupled with our increased engagement with research and asset consultants and a reinvigoration of our sales and distribution functions.
“This activity is expected to lead to improved inflows over time. In the September quarter, we also opened the Perpetual Pure Microcap fund, which aims to provide investors with long-term capital growth via an investment in a portfolio of quality Australian microcap companies."
Since announcing its Transformation 2015 business overhaul in mid-2012, the group’s products have been added to 12 discretionary platforms, nine financial adviser approved product lists (APLs) and 12 model portfolios.
These include the IOOF Pursuit, BT Wrap and AMP North platforms, the model portfolios of Count Financial and other unspecified bank-aligned wealth management arms, and the APL of Ord Minnett, the group stated.
Perpetual products have also seen 10 fund rating upgrades and 11 new fund ratings of investment grade (or equivalent) or above, Perpetual stated.
