Perpetual Ltd

PPT: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$45.10	Gjzjgtn	Lscknbfd

Perpetual: Outflows Worse Than Expected; However, Positives Remain

Shaun Ler

Jul 24, 2024

Narrow-moat Perpetual’s asset management flows for fiscal 2024 are worse than expected, likely due to uninspiring investment performance and noise about the group strategy. Earnings headwinds are likely to persist over the medium term. Net outflows of around AUD 18.5 billion, 9% of opening funds under management, exceeded our AUD 14.5 billion forecast. We expect this to increase pressure on management to reduce costs, source funds from higher-margin client channels, and achieve a favorable outcome from the proposed sale of its wealth management and corporate trust assets to KKR.

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