Pendal FUM doubles following completion of TSW acquisition

In its 2021 full-year financial results, Pendal confirmed that FUM has increased to $139.2 billion on the back of completing the acquisition of US fund manager Thompson, Siegel & Walmsley (TSW) in July.

As well as doubling Pendal’s FUM, group chief executive Nick Good said the acquisition is expected to deliver double-digit EPS accretion in the first-year post-completion.

Pendal’s net profit after tax also jumped up by 42 per cent from $116.4 million last year to $164.7 million.

The Pendal board declared a final dividend of $0.24 per share, bringing the total FY21 dividend to $0.41 per share; an 11 per cent increase on last year.

“We start the new financial year with equity markets near all-time highs. However, we see pressure on flows, particularly in the institutional channel,” Mr Good said.

“While this may have short-term effects, we are confident that changes made to our sales leadership during the year and ongoing development of our US and European distribution strategy, will support future growth.

“Our core strategic priorities have been developed to create the best possible environment for our investment teams to thrive, which in turn produces superior results for our clients and shareholders.”

Neil Griffiths

Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.

Neil is also the host of the ifa show podcast.