PNI +4.78% rallied on great results, although it seemed like the 2H performance fees from affiliates were off a touch – something to watch
- Profit (NPAT) of $134.4m was +49% y/y though a shade below expectations for $139m
- Final dividend of 27c FF
- Net inflows $23.10 billion – which is phenomenal.
They said Aggregate Affiliates’ funds under management of $179.4 billion was up +63% y/y, with the FUM attractive Fee’s of $925m, broken up by $771m in baseline management +$154m in performance fees . They talked up the opportunity in private credit, and we got the sense they want to push harder in this area.
All in all, good result, good momentum, only caveat being is reference to weaker performance fee’s in the 2H – we own PNI in the Emerging Companies Portfolio.
MM remains long & bullish PNI
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