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Pendal FUM doubles following completion of TSW acquisition

The global investment manager has reported a 51 per cent increase in funds under management (FUM) as of 30 September 2021.

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.

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“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.”