Pendal’s FUM up

Pendal Group has reported a 4% growth quarter-on quarter to $89.4 billion at the end of June in its funds under management (FUM), despite net outflows of $2.5 billion which resulted from outflows from European strategies ($1 billion), Aussie equities ($0.7 billion) and UK strategies ($0.5 billion). 

In Australia, the group saw net outflows of $1 billion in the quarter, with the majority ($0.9 billion) coming from institutional clients who began to reshape their Australian equity portfolio, the company said. 

At the same time, the June quarter saw a significant rebound in global equity markets from their March lows which drove an increase in FUM of $11.1 billion but this was offset by a $5.2 billion currency impact as the Australian dollar appreciated against major currencies. 

“During the period we saw a strong turnaround in flows into US pooled funds with net inflows of $0.2 billion compared to outflows of $0.3 billion in the prior period. We also saw improved flow in the Australian wholesale channel,” Pendal’s chief executive officer, Emilio Gonzalez, said. 

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“In Australian equities, there were outflows due to an institutional client reshaping its portfolio. Overall, net outflows during the period were $2.5 billion.” 

According to Gonzalez, a standout achievement was the strong performance in Pendal’s Australian funds which generated annual performance fees of $13.6 million for 12 months to 30 June 2020, an increase of $12 million on 2019.