Independent financial services group Perpetual Ltd
(ASX:PPT) says its funds under management totaled $28.8 billion as at October 31 2009.
The company says this includes net outflows of $170 million from an institutional client in cash and quarterly mortgage fund redemptions of $65 million.
Perpetual says funds under management as at September 30 2009 were $29.3 billion.
At the company’s annual general meeting last month CEO David Deverell said despite improvements in markets, investors are much more wary of whom they deal with and more careful about who they entrust with the management of their money.
Mr Deverell told investors that Perpetual is ideally placed in terms of balance sheet flexibility, service offer and brand reputation, to capitalise on this fundamental mood shift.
Looking back at the past five years Perpetual’s best net profit was in 2007.
