Pendal Group FUM update dissapoints
Stock
Pendal Group (PDL) $9.56 as at 10/07/2018Event
The volatility continues for the group since changing its name from BT Financial, Pendal today disappointed the market with a poor FUM updated for the year ended 30 June. Total FUM grew 1% but this was all driven by investment performance which hid a 1.3% outflow of money. Outflows also targeted the higher revenue earning funds – OEIC’s & segregated mandates. Overall, the changes are expected to reduce fee income by $5.8m. as a result, sellers took to the stock today, and most worrisome was PDL closing on the day’s lows.Pendal Group (PDL) Chart
