Pendal's (ASX:PDL) FUM for Q3 up $5 billion

Company News

by Melissa Darmawan

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.

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