Pendal Group Limited (ASX: PDL)
operates as a global investment management company. The Company focuses on portfolio management and advisory services to individuals, institutions, trusts, private funds, charitable organizations, and investment companies. Pendal Group serves customers in Australia.
The company has through a recent release stated the following:
- The group has announced its Funds under Management (FUM) for the quarter ended 31 December 2018. And,
- The performance fees charged which have been charged by JOHCM for the year ended 31 December 2018.
For the quarter ended December 31st, the most noteworthy impact on the FUM was falling markets. This was exhibited by the fall as was seen in the Morgan Stanley Composite Index, All Countries World Index in the local currency terms showing a decline of 12.3%. Moreover, the S&P/ASX All Ordinaries Index fell by circa 9.7% over the period.
The company has seen the net funds inflows of +$0.2bn during the quarter. this was led by the Australian equities which garnered (+$0.4bn) from the Institutional channel.
There was also a gush of liquidity & this resulted into positive net inflows into Australian equities, fixed income as well as the multi-asset funds in the wholesale channel garnering circa $0.1bn of the funds.
JOHCM registered net funds outflows of -$0.4bn for the mentioned quarter with repayment to be made in European and Asian OEIC funds amounting to $0.7bn being offset by inflows into the United Kingdom and global Open-Ended Investment company funds amounting to circa $0.4bn. The United States pooled funds also witnesses a net outflow of $0.2bn. This was due to the repayments on account of the redemptions done in the Asia ex-Japan fund.
Due to this, the impact that was registered and seen on the net flows during the December quarter on the Group revenue came in as a decrease to annualized fee income of $3.2 Mn.
Moreover, the Australian Dollar had strengthened by circa 0.8% in comparison to the Great British Pound but weakened by around 2.3% against the US Dollar over the quarter which had a flat impact on Fund Under Management over the period.
The performance fees which was charged by the J O Hambro Capital Management (JOHCM) for the year ended 31 December 2018 total approximately came in at circa $4.4m (£2.5m) in the form of fee revenues. The performance fees will contribute circa $1.9m to the Group’s cash net profit after tax and the statutory net profit after tax for the current financial year which will end on the 30 September 2019.
In the meantime, the stock price of the company has fallen by 16.79 percent in the past six months as on 11 January 2019. PDL’s shares traded at $7.72, up by 1.847% (intraday) & it has a market capitalization of circa $2.41 Bn as on 14 January 2019.
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