Perpetual’s (ASX:PPT) shares end higher as FUA crosses A$1 trillion mark 

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  • Perpetual exceeds its AU$1 trillion funds under administration milestone for the first time.
  • Perpetual Australia Management International has reported over AU$1billion in net inflows in one year as of 31 March 2022.
  • Perpetual reaffirms its operational expense guidance.

Perpetual Limited (ASX:PPT) shares ended higher on Thursday (21 April) after the company shared positive business updates for the quarter ended 31 March 2022. Shares of the independent financial services group ended 0.96% higher at AU$32.57 per share. 

Funds under administration (FUA) of Perpetual Corporate Trust increased by 7% to AU$1.05 trillion, exceeding the AU$1 trillion milestone for the first time in the March quarter. Perpetual reported strong progress in the March quarter as many big events happened.

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Key highlights of the third quarter

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Perpetual said that positive net flows continue in its subsidiary Perpetual Private Client. In addition to this, Jacaranda Financial Planning, a recently acquired entity, is operating ahead of expectations.

Barrow Hanley and Perpetual Asset Management International (PAMI) reported positive inflows for many years in US equities. During the quarter, Barrow Harley recorded a net outflow of US$733 million because of US equities' low margin. However, it delivered an inflow of US$555 million driven by global equities strategies.

Rob Adams, the CEO and Managing director of Perpetual, said that positive momentum accompanied by around US$700 million of investment and a growing business pipeline is expected to turn the Barrow Hanley's net flows positive shortly, ahead of plan.

PAMI benefitted from continuous growth in Trillium funds. PAMI has reported over AU$1billion in net inflows in one year as of 31 March 2022. Trillium recorded positive flows for the sixth consecutive quarter.

The company has invested in new products across Perpetual Asset management Australia (PAMA) and PAMI, and it is generating substantial interest. Moreover, PAMA is on track to deliver positive inflows in seven years in the intermediary channel this year, said Perpetual's management.

Perpetual's CEO informed that the Perpetual Digital division had attracted significant interest from clients. During the quarter three new products were launched.

Rob Adams commented on the development that,

Guidance reaffirmed by Perpetual

Perpetual reaffirmed its operating expense growth guidance for 2022 between 18% and 20% in the quarterly update. The guidance reflects the investment company is making for future growth across its global business.

The company will continue to focus on inorganic and organic investment opportunities that will complement its business. It will be supported by a solid balance sheet, improvement in net flows and a positive execution record.

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