The Perpetual Limited (ASX: PPT) share price is one to watch after the Aussie investment manager's latest quarterly update.
Why is the Perpetual share price in focus?
Perpetual this morning provided a business update for the period ended 31 March 2021 (Q3 2021). The Aussie investment group reported total assets under management (AUM) of A$95.3 billion, up 6.8% from the previous quarter.
Australia AUM climbed 4.4% to $23.7 million while Perpetual Asset Management International AUM climbed 7.7% to $71.6 million.
Fixed income saw the only positive net flows across asset classes on a combined basis during the quarter but still edged lower to $20.6 million in AUM. The asset class was the worst performing segment for the quarter given strong gains across equities.
Net outflows were A$892 million which were offset by A$5.3 billion in asset growth thanks to a strong market. A positive currency impact of A$783 million also helped boost overall performance for the quarter.
The Perpetual share price is one to watch in early trade following this morning's update. Total combined equities experienced A$1.4 billion in net outflows for the quarter but also saw the strongest gains. That was particularly the case for US equities which gained A$4.9 billion in value as well as $0.5 billion in favourable currency movements.
Perpetual Corporate Trust's Funds under Administration (FUA) grew by 1% to A$942.9 billion during the quarter. The Aussie fund manager cited "continued momentum" from its adviser growth strategy in Perpetual Private. That included a 4% gain in Funds Under Advice to A$16.1 billion with A$0.2 billion of positive net inflows.
Foolish takeaway
The Perpetual share price is one to watch given its strong recent gains. Shares in the investment manager are up 25.1% since the start of November to $33.80 per share.
Today's quarterly update reflected the bullish equities markets seen in the first quarter which more than offset the net outflows from institutional accounts.
