Perpetual posts FUM increase
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Krystine Lumanta is a journalist with InvestorDaily, a Sterling publication.
Perpetual Limited (PPT) has posted an increase in funds under management (FUM) for the quarter ended 30 September 2012.
The business' FUM rose from $22.6 billion to $23.6 billion, a 4.4 per cent increase for the group, it said in its 1Q financial year 2013 update to the Australian Stock Exchange yesterday.
The total average FUM for the three months to 30 September was $23.2 billion.
The change in FUM over the three months was mainly attributable to an increase of around $1.5 billion due to equity market appreciation and about $600 million of net fund outflows, compared to $2 billion of net fund outflows in the same period last year.
The net fund outflows included about $150 million of capital returned to investors in a suite of mortgage funds that closed in late 2011, the company said.
As at 30 September 2012, about $550 million of FUM remained to be returned from these funds. The next scheduled return of capital was expected to occur in March 2013.
In addition, Perpetual experienced about $300 million in net outflows from the equities asset class, of which around $250 million of net outflows were from the intermediated and retail channels, predominantly from the industrials share strategy.
Furthermore, there was about $150 million in net outflows from cash and fixed interest, across the institutional, intermediary and retail channels.