The Pendal Group Ltd (ASX: PDL) share price is edging higher in morning trade, up 0.5%.
We take a look at the S&P/ASX 200 Index (ASX: XJO) listed global investment manager’s latest quarterly funds under management (FUM) update below.
What did Pendal report on its FUM?
The Pendal share price is edging higher after the company revealed its FUM increased by 4.4% during the March quarter. Pendal’s FUM rose by $4.3 billion to reach $101.7 billion.
According to the release, net inflows for the quarter were $900 million. There was also a $900 million boost from currency movements with the Aussie dollar falling against a basket of key currencies during the 3-month period. Pendal said that strong investment performance and higher markets combined to contribute $2.5 billion.
Commenting on the March quarter results, Pendal Group CEO Nick Good said:
There has been a discernible turnaround in flows during the quarter with most channels achieving positive net flows. Inflows of $0.7 billion in Australia combined with substantially improved flows in the UK and Europe delivered healthy organic FUM growth during the quarter. Only the Westpac Legacy book and the OEICs experienced net outflows, and the level of outflow among the OEICs was markedly reduced.
According to Good, Pendal witnessed an uptick in investment performance across its business during the reported quarter.
He noted that the company’s recently launched Regnan Global Equity Impact Strategy had recorded strong inflows. The Regnan Global Equity Impact Strategy attracted inflows of $100 million, bringing its total inflows since launch to $200 million.
With our diversified portfolio of investment strategies, we have been able to capitalise on the recent market rotation from growth to value and the increasingly positive investor sentiment globally. As the economic outlook continues to improve, particularly in the US, we are well positioned to take advantage of changes in investor preferences and market trends.
Pendal share price snapshot
The Pendal share price is up 38% over the past 12 months, outpacing the 28% gain posted by the ASX 200.
Year-to-date, Pendal shares have gained 10%.