Fund Manager Pendal (ASX:PDL)
saw a 5 per cent jump in funds under management in the June quarter after outflows of $700 million.
The $3 billion investment manager reported its FUM clocked at $106.7 billion for the June quarter as higher markets and currency impact added $5 billion over the previous quarter.
Net outflows of $700 million was attributed from Australia’s oldest bank Westpac consolidating their superannuation book which saw a $400 million redemption in Pendal’s listed property portfolio.
Pendal realised performance fees of $16.4 million during FY21, which is 29 per cent higher when compared to $12.7 million in FY20.
In the company’s Aussie arm, wholesale channel flows remained positive with institutional channel outflows totalled $900 million primarily from Westpac.
Shares in Pendal (ASX:PDL)
are trading 2.1 per cent higher at $8.19.