Pendal Group Limited (ASX: PDL) has reported its funds under management for the June 2018 quarter which has not been very well appreciated by investors. During the period, Pendal Australia witnessed net inflows in the institutional channel led by strong inflows in Australian equities (+0.4bn) but these were offset by lower margin cash outflows (-$0.2bn).
The wholesale channel saw positive flows in most asset classes, while there were outflows in Westpac FUM relating to the ongoing reconfiguration of its My Super portfolio (-$0.4bn) and the run-off in the legacy book. JOHCM experienced net outflows of $1.1bn during the quarter led by segregated mandate redemptions in the Global Select strategy (-$0.5bn), and net outflows in European (-$0.7bn) and Asian (-$0.3bn) OEIC funds. The US pooled funds took in $0.5bn continuing the momentum from prior quarters.
As a result of the net flows during the June quarter, revenue will witness a decrease with reference to annualized fee income of $5.8m. The Australian Dollar strengthened relative to the British Pound and weakened relative to the US Dollar over the quarter. This had the effect of decreasing FUM over the period by $0.7bn. Pendal Australia performance fees for the year ended 30 June 2018 have now been realized totaling approximately $6.9m in revenue against $9.4m for FY17.
The Pendal stock is trading at a current market price of $9.715 and has seen a price change of -$0.615 or in terms of percentage of -5.95% on July 10, 2018. Over the past one year the stock has seen a performance change or decline of -6.09%.
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