Perpetual Limited's Third Quarter FY24 Business Update

Perpetual Limited (ASX: $PPT) has released its third quarter business update for the period ending 31 March 2024. The update highlights a 6% increase in Assets Under Management (AUM) to A$227 billion, supported by positive market and currency movements. The release also mentions robust performance from Corporate Trust and Wealth Management.

Executive Commentary on Third Quarter Performance

Chief Executive Officer and Managing Director, Rob Adams, stated, 'Through the quarter, all three of our businesses - Asset Management, Wealth Management and Corporate Trust - demonstrated their strength, underpinned by positive market dynamics in the main markets in which we operate.' Adams also mentioned, 'We continue to progress the integration of Pendal Group and we are ahead of plan to deliver our targeted synergies of A$80 million in run-rate synergies by January 2025.'

Summary of Third Quarter FY24 Business Update

Perpetual's third quarter business update showcases a 6% increase in Assets Under Management (AUM) to A$227 billion, driven by positive market and currency movements. The company's strategic review, announced in December, is in its final stages, with a detailed update expected by 8 May 2024. Perpetual also provided FY24 expense guidance, expecting total expense growth in the range of 32% - 34%. The cost to income ratio for the Group has remained relatively stable for the financial year to 31 March 2024. The update also highlighted the launch of new offerings in the Wealth Management segment, including a new ESG reporting offering actively marketed to clients within the high-net-worth and philanthropic segments, with positive early feedback.