Fund manager Pendal (ASX:PDL)
saw a 2.5 per cent fall in funds under management during a “disappointing” December quarter.
Funds were weighed down by a 6.8 per cent fall in net flows, driven by weakness across its Australian funds and outflows of $5.1 billion from the company's segregated mandates in Europe. Meanwhile, its US business experienced positive inflows and a positive investment performance.
Pendal also provided an update on its JJ O Hambro, Europe, UK and Asia performance fees for the 12 months ending December 31, which totalled to $43.4 million, up from $41.2 million the year prior.
“It has undoubtably been a disappointing quarter in terms of our flows. However, we are responding with a clear set of actions and have delivered strong performance fees in line with those recorded in the prior year,” said chief executive officer Nick Good.
“Pendal continues to invest in distribution in key target markets, is working closely with fund managers to strengthen investment performance, and has launched new impact and thematic products that are quickly gaining traction and meeting the changing needs of clients.”
Shares in Pendal (ASX:PDL)
are trading 17.5 per cent lower at $4.90.