Perpetual turns net outflows into inflows

Posted by Anton Murray Consulting on 19 Oct, 2023

InvestorDaily

Perpetual’s assets under management (AUM) held steady over the September quarter, after the investment firm declared a “marked improvement” in its net flows. In an update to the ASX on Friday, Perpetual reported net inflows of $0.1 billion for the September quarter, in contrast to the net outflows of $5.1 billion suffered in the prior quarter. “The September quarter showed a marked improvement in total net flows across our asset management business when compared to the June quarter,” commented Perpetual chief executive officer and managing director Rob Adams.

“Delivering positive net inflows despite the current operating environment, with volatility impacting markets and investor confidence globally, demonstrates the quality and diversity of our broad capability set and our emerging strength in distribution.” The firm’s total AUM was $211.7 billion as at 30 September versus $212.1 billion a quarter earlier. Perpetual said that net inflows and $3.3 billion in favourable currency movements offset most of the $3.8 billion impact of lower investment markets during the quarter. Average AUM sat at $215.6 billion in the September quarter, up from $211.2 billion in the June quarter.

The rest of this article can be found at investordaily.com.au.

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