Commenting on the full year result, Perpetual Chief Executive Officer and Managing Director, Rob Adams, said, “While our increasingly diversified business has provided some protection against the extreme volatility seen in global investment markets, our overall FY20 financial results have been impacted due to COVID-19 effects and net outflows from Perpetual Investments.
“Our diversified business model has provided some protection against market volatility, with Perpetual Corporate Trust in particular, continuing its growth momentum and delivering record results this year. Despite the challenging external conditions, we made strong progress in executing our strategy during the year with our acquisition of Trillium completed, the acquisition of Barrow Hanley announced and strong growth in adviser numbers plus the acquisition of Priority Life in Perpetual Private.
“Our new operating model was firmly embedded ahead of COVID-19 impacting, driving efficiencies across the firm, delivering cost savings at the top end of the estimated range of $18-$23 million and providing a more scalable platform to support our expected future growth.”
Visit our Financial Results page for the complete FY20 financial results information.