Perpetual’s statutory after-tax net profit jumped 39% from the prior corresponding period, while its underlying after-tax profit rose 21% to $148.2 million.
FY22 revenue increased 20% to $767.7 million, supported by higher average assets under management (AUM) due to higher equity markets, a contribution on full twelve months of Barrow Hanley in Perpetual Asset Management International (PAMI) and continued organic and inorganic growth across both Perpetual Corporate Trust (PCT) and Perpetual Private (PP).
“Perpetual delivered a strong financial result in FY22, driven by strong earnings growth across our four business units,” said Rob Adams, CEO and Managing Director of Perpetual.
“This performance reflects continued growth in our global asset management business, including the first full year-over-year contribution from Barrow Hanley, and was supported by higher average equity markets during the year,” said explained Mr. Adams.
PAMI’s AUMs were $69.1 billion as of June 30, 2022, down $4.5 billion from FY21, while the Australian segment closed the year with AUMs to $21.3 billion, down $3.4 billion on the year.
The advisory division, Perpetual Private, had revenue of $211.2 million, an increase of $27.5 million or 15% over FY21, and underlying profit before taxes of $44.3 million, 26% higher than FY21.
Perpetual Private’s Funds Under Advise (FUA) at the end of FY22 was $17.4 billion, 2% higher than FY21.
“PP saw growth over the period across all segments, complemented by our acquisition of Jacaranda Financial Planning, which is attracting new client interest following the expansion of its seminars on the Australian east coast,” said Mr Adams.
“The result for the year highlights the strength of the PP business as one of Australia’s leading high net worth wealth management companies. We will remain fully focused on closing the existing gap in the market for quality advice and wealth management services in order to continue to grow our FUA.
Meanwhile, corporate fiduciary, custodian and digital solutions provider Perpetual Corporate Trust reported underlying net profit growth of 14%, with funds under administration increasing 18% from the previous corresponding period. to reach $1,092.3 billion.
Looking ahead, Adams said that while macroeconomic and geopolitical conditions pose challenges for the global financial services industry, “Perpetual’s outlook remains positive.”
“Perpetual enters the new fiscal year with positive momentum in every division. The proposed acquisition of Pendal is a significant step in Perpetual’s long history of bringing together two businesses with premium brands and aligned multi-boutique approaches, to create a leading global asset manager leveraging significant contribution to the development of our global asset management business in recent years. two years,” Mr. Adams said.
“Completing the acquisition of Pendal will deliver significant scale and global reach, diverse independent brands that drive investment autonomy at all times and offer a wide range of high-quality investment capabilities, a leadership position in ESG investing and a substantial, high-quality global distribution team, all complemented by our industry-leading wealth and trust businesses,” he concluded.
Maja Garaca Djurdjevic
Maja’s career in journalism spans more than a decade in finance, business and politics. Now a writer and journalist with experience in all elements of the financial services industry, before joining Momentum Media, Maja reported for several established media outlets in South East Europe, examining key processes in post-conflict societies.