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This article was originally published by staff at InvestorDaily, a Sterling publication.

Perpetual (PPT) has posted an increase in funds under management (FUM) for the quarter ended 31 December 2012.

The business' FUM rose from $23.6 billion to $24.3 billion, a 3 per cent increase for the group, Perpetual said in its second-quarter financial year 2013 update to the Australian Securities Exchange (ASX) on Friday.

The total average FUM for the three months to 31 December was $24.1 billion.

The change in FUM over the period was mainly attributable to an increase of $1.4 billion due to equity market appreciation, offset by a decrease of $100 million due to semi-annual distributions.

The firm reported $600 million of net fund outflows, compared to $900 million of net fund outflows in the same period last year.

The outflows consisted of $500 million in net outflows from the equities asset class, including $600 million net outflows from the ordinaries strategy, net inflows of $200 million into a sustainability mandate from a new institutional client, and $100 million of net inflows into the concentrated and ethical strategies.

The results also included $100 million of net outflows from the cash and fixed-interest asset class, largely institutional cash.

The upward movement forms part of a steady increase of FUM seen by Perpetual. In October, the group also posted a 4.4 per cent increase for the period ending 30 September 2012, also citing equity market appreciation.