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Highlights
- Perpetual’s AUM dropped by 4% in Q3
- All boutiques reported net outflows
- Market performance remains resilient despite macro pressures
Fund manager Perpetual (ASX:PPT) has reported a 4% decline in assets under management (AUM) for the March quarter, bringing total AUM down to $221.2 billion as of March 31, from $230.2 billion at the end of December. This shift was largely attributed to net outflows totaling $8.9 billion, alongside negative currency movements of $900 million. These were partially offset by $700 million in positive market performance.
Despite the drop in quarter-end AUM, the average AUM over the period was higher at $229.2 billion, compared to $227 billion in the December quarter, signaling some resilience in portfolio valuations.
Perpetual operates a multi-boutique model with several asset management subsidiaries, each experiencing varying degrees of net outflows during the quarter:
- Barrow Hanley saw its AUM fall 3.7% to $81.9 billion, with net outflows of $3 billion.
- J O Hambro declined 1.9% to $37.5 billion, with $1.6 billion exiting the platform.
- Pendal Asset Management experienced a 4.9% decrease to $42.5 billion, driven by $1.7 billion in outflows.
- Perpetual Asset Management reported a 3.7% drop to $21.3 billion, with $400 million in outflows.
- Trillium posted the sharpest percentage decline at 9.2%, with AUM at $8.9 billion and $300 million in outflows.
- TSW declined 1% to $31.1 billion, with $1.6 billion withdrawn.
While all boutiques experienced outflows, the company highlighted that investment performance remains strong. Approximately 62% of strategies outperformed their benchmarks over a three-year horizon. Leadership at Perpetual (ASX:PPT) suggested that there hasn’t been widespread client de-risking, indicating continued confidence in the firm’s long-term strategies.
Still, the evolving macroeconomic landscape remains a concern. Management emphasized the importance of closely monitoring how economic factors influence investor sentiment—especially in the equities market.
As global financial conditions remain fluid, asset managers like Perpetual (ASX:PPT) are navigating an environment where capital flow dynamics can shift quickly. The March quarter underscores both the resilience and the challenges currently shaping the investment management sector.
