Australian Investment Blog
ASX:PDL 10/07/2018
Pendal Group FUM update dissapoints
Stock
Pendal Group (PDL) $9.56 as at 10/07/2018
Event
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
Market Matters Take/Outlook
We are negative Pendal, targeting at least a fresh test of $9 support - outflows are rarely positive, while our negative outlook for equities points to weak times for managers. To view the full report on PDL click here
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