Perpetual recorded a net profit of $74.9 million in the financial year 2021, down just 9 per cent compared to 2020, after suffering some hefty H1 setbacks.
The group’s underlying profit after tax (UPAT) came in at $124.1 million, posting growth of 26 per cent year-on-year, while revenue growth soared 31 per cent to $640.6 million.
According to Perpetual, the revenue growth was mainly driven by last year’s acquisitions of Trillium and Barrow Hanley, of which the group’s Asset Management International business now solely comprises.
Both businesses have seen significant gains following their acquisition by Perpetual.
Trillium’s assets under management (AUM) were recorded at $7.7 billion, which was a 37 per cent increase on what was reported before the acquisition. For Barrow Hanley, AUM reached $66.1 billion, an increase of 7 per cent since acquisition.
Digging deeper into Perpetual’s results revealed an overall 246 jump in AUM to $98.3 billion.
A total of $73.6 billion of this now sits within Perpetual Asset Management International, with the international business showing growth of $68 billion when compared to the $5.6 billion reported in 2020.
Speaking earlier about Perpetual’s successes, chief executive Rob Adams said: “Our first year of Perpetual’s ownership of Trillium has been a highlight, with the business recording its highest net flows in its history.
“We are also particularly pleased with Barrow Hanley’s strong investment performance over this period, with 92 per cent of enquiry strategies and 77 per cent of fixed income strategies exceeding their respective benchmarks over one year and the pipeline of opportunities is building as a result.
“We made good progress on product initiatives, as well as accelerating the build-out of our global distribution capabilities.”
Perpetual is now poised to drive this growth further. Notably, it was said that they are looking to implement a suite of Barrow Hanley and Trillium UCITS to serve UK, European and Asia-based clients.
