In an announcement posted to the ASX on Friday, the fund manager pointed to its recent inclusion on the model portfolios of a number of NAB/MLC dealer groups as well as IOOF-backed Bridges Financial Services.
Earlier this month, the Perpetual SHARE-PLUS Long-Short Fund and the Australian Share Fund were added to NAB/MLC’s Premium Model Portfolio and Core+ Satellite model respectively.
Perpetual’s long-short fund was also added to the Bridges model portfolio in May.
The mandates are the result of a shift in strategy at Perpetual which saw the creation of a strategic accounts team in early 2012.
Rather than ‘selling’ to individual advisers, Perpetual is now approaching dealer groups and advisory bodies at more senior levels.
Of the $25.3 billion in funds under management (FUM) at Perpetual as of June 30, just under half came through the intermediated model (ie, model portfolios and platforms).
A further $5.2 billion came through the retail channel (which includes direct investors and some adviser-directed money).
The institutional channel accounted for $7.8 billion as of June 30.
Total FUM at the end of the fourth quarter of the 2013 financial year were down 2.7 per cent from the $26 billion reported at March 31.
Of the $700 million in outflows recorded for the fourth quarter, $500 million were net fund outflows.
While the $200 million outflow in institutional cash and fixed income will be of little concern to Perpetual (due to the low fees associated with the asset class), the $200 million outflow from Australian equities will be more worrying. $100 million of outflows fell in the ‘other’ asset class.
$200 million was attributable to the falls in investments markets over the quarter.
Like many fund managers, Perpetual has been reporting net outflows for several years.
A spokesperson for the fund manager put the continued outflows down to poor investor sentiment caused by the global financial crisis combined with an increasing number of Perpetual investors entering the drawdown phase.
