Perpetual, the Sydney fund manager, is facing a multi-million dollar costs bill after losing its long running court case to try and break apart the Washington H. Soul Pattinson and Brickworks cross shareholdings that is the core business of the multi-millionaire Milner family.
Perpetual (PPT) reported funds under management (FUM) ended the September quarter at $28.4bn, revealing outflows of $1bn in Australian equities from the institutional channel and $400m in inflows from the intermediary channel. The company also confirmed it has obtained a new $1bn institutional client mandate to manage Australian equities which is expected to fund the second quarter.
Citi analysts highlight, 2Q19 marked Perpetual's seventh consecutive quarter of net funds outflows. A potential positive sign is that the decline moderated in the quarter, they add, against what was admittedly a tough environment overall.