Perpetual Limited (Perpetual) today announced its funds under management (FUM) as at 30 September 2014 were $30.7 billion1, with net inflows of $1.1 billion for the quarter. Total average FUM for the three months to 30 September 2014 were $31.2 billion.
“This is the fifth consecutive quarter of net inflows and a solid start to 2015 in terms of net inflows for Perpetual,” said Perpetual’s CEO and Managing Director Geoff Lloyd. “Our distribution strategy is leveraging the strength and performance of our asset management team effectively.”
Change in FUM
The change in Perpetual’s FUM of $0.9 billion over the three months to 30 September 2014 was mainly attributable to:
* $1.1 billion of net inflows, compared to $0.2 billion of net inflows in the same period last year.
Net inflows during the quarter included:
* $0.3 billion into Australian Equities with some of this inflow being the reinvestment of distributions from the previous quarter; and
* $0.8 billion into Cash and Fixed Income strategies which included net inflows from the institutional channel of $0.7 billion into enhanced cash and net inflows from the intermediary channel of $0.1 billion into credit fund strategies.
* a decrease of approximately $0.2 billion which was due to $0.3 billion of The Trust Company (Trust Co) Cash Fund no longer being included in FUM as well as an increase of $0.1 billion from funds outperforming their benchmarks.
Perpetual’s FUM as at 30 June 2014 included $1.0 billion from Trust Co, which was acquired in December 2013. As at 30 September 2014, approximately $650 million of this FUM was managed by Perpetual Investments. The remaining FUM, primarily cash investments, will be managed and recorded in Perpetual Private and is therefore excluded from FUM (as indicated above and in the FY14 results update on 28 August 2014) and shown in ‘Other’ column in the table on FUM and flows in the Appendix.
Appointments and mandates
A strategic focus on sales and distribution remains and during the period, the following appointments were made:
- – Perpetual’s Share-Plus Long-Short Fund was added to the approved product list of two large wealth management groups;
- – Perpetual’s Global Share Fund was also approved for use by a large wealth management group;
- – Perpetual’s Pure Microcap Fund and Pure Equity Alpha Fund were added to key industry platforms;
- – Three Perpetual funds were added to the Employer Super Investment Menu of a large wealth management group.
Ratings and awards
Over the quarter, the Perpetual Pure Equity Alpha Fund was a finalist for the ‘best emerging fund’ at the 2014 Australian Hedge Fund Awards.
The Perpetual Direct Equity Alpha Fund was nominated for the ‘SMA Portfolio Award’ as part of the Lonsec Awards 2014.
Changes since June 2012 (as at 30 Sep 2014)
Additions to:
Discretionary platforms: 19
Financial adviser APLs: 17
Model Portfolios: 17
Fund ratings:
Fund rating upgrades: 17
New fund ratings of investment grade (or its equivalent) or above: 13
