Perpetual (ASX:PPT) celebrates after hitting $101b

A milestone was achieved with Perpetual (ASX:PPT) after their assets under management hit $101 billion for the first time. The group expanded in all four divisions, with asset growth up 2.7 per cent in the September quarter

The group’s largest division, Perpetual Asset Management International saw a 2.6 per cent jump to $75.5 billion in the period. The growth was attributed to a positive currency impact of $2.9 billion offset by market depreciation of $900,000 million and net outflows of $100,000 million.

As for the business back home, Perpetual Asset Management Australia held assets under management of $25.5 billion, 3.0 per cent higher the June quarter.

Positive investment markets and investment performance helped the investment manager attract $174 million. Similarly, growth in asset values for the quarter was $600 million net of distributions.

The Perpetual Corporate Trust had a strong quarter after posting a 5.0 per cent surge in funds under administration to $964.4 billion. Elsewhere, funds managed by Perpetual Private expanded by 9.0 per cent at $18.5 billion.

The investment manager acquired two U.S. asset managers Trillium and Barrow Hanley. They both attracted inflows of $261 million and $500 million respectively over the quarter.

“Our Australian equities funds continued to deliver strong performance over the quarter, and we have recently launched a new marketing campaign centred on our Australian equities capability, which has already seen a high level of interest from prospective investors,” said chief executive officer Rob Adams.

“We continue to invest in new capabilities to provide new avenues for growth and we are on track to launch two active ETFs in FY22.”

Shares in Perpetual (ASX:PPT) are trading at 8.8 per cent higher at $40.75.