In the three months to 30 September 2024 net inflows of $400 million helped the firm’s assets under management (AUM) grow 3 percent from $215 billion at the end of June to $222.3 billion.

Positive market movements contributed $12.7 billion, offset by negative currency movements of $5.8 billion.

Quarterly net inflows marked a positive change from the significant outflows of $8.9 billion seen in the June quarter, $5.2 billion in the March quarter and $4.3 billion in the December quarter. The last time it saw a net inflow was at the end of September 2023. at $100 million.

It was also Perpetual's first quarterly business update since the appointment of its new chief executive, former Australian Retirement Trust boss Bernard Reilly, in August this year. He takes over from Rob Adams, who has held the position since September 2018. and announced that he will retire in May.

"The first quarter of FY25 was a positive quarter for all three of Perpetual's businesses," Riley noted.

"In asset management, stronger global equity markets and positive net inflows supported a 3 per cent rise in our AUM and there was also an improvement in investment performance, where 71 per cent of the group's strategies outperformed their benchmark over the three years to 30 September 2024 Mr. "

Also speaking at Perpetual's 2024 annual general meeting presentation, Riley said: “In asset management, we need to reverse the outflows. Recent outflows are higher than expected. Outflows are driven by several factors: investment underperformance, business volatility and changing market dynamics. We have pockets of investment underperformance that we need to look at.”

Pendal's AUM grew 13.9% to $45.4 billion, supported by net inflows of $3.9 billion and positive markets of $1.6 billion.

Net inflows were supported by mandate gains in the Pendal Core Australian Equities strategy, the company said, resulting in net inflows of $2.5 billion in that strategy, along with net inflows of $2.1 billion in the managed strategy. cash due to large, short-term cash mandates.

"Boutique Pendal in Australia had a particularly strong quarter, delivering nearly $4 billion in net inflows and while some of that result was due to a short-term cash mandate, it is nevertheless pleasing to see the strong result as well as an improvement in net outflows in both offshore JO Hambro boutiques as well as at TSW,” said the CEO.

JO Hambro Capital Management's AUM decreased by 1.9% to 37.5 billion. dollars, while Barrow Hanley's AUM rose 1.3% to $78.5 billion. dollars, and TSW's AUM grew by 2.5% to 30 billion. dollar.

“Barrow Hanley had a more challenging quarter across its global and international equity strategies. In corporate trust and wealth management, the business continued to deliver solid asset growth during the quarter."

Perpetual's wealth management division reported a 3 percent rise in assets under management to $20.4 billion.

In its results for the financial year 2023-2024 the asset manager reported outflows of $18.4bn for the full financial year, which was "larger than expected". Also in August, Perpetual announced that its chairman, Tony D'Aloisio, would step down from the board after eight years.