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Pendal gets $900m net inflows

Pendal Group saw $900 million in net inflows in the quarter ending March, taking its assets over $100 billion again.

Pendal ended March with $101.7 billion in total funds under management (FUM), 4.4% higher than December's closing FUM of $97.4 billion.

The 4.4% uptick in closing FUM includes net inflows of $900 million, market returns of $2.5 billion and $900 million from the depreciating Australian dollar.

"There has been a discernible turnaround in flows during the quarter with most channels receiving positive net flows," said Pendal Group chief executive Nick Good.

"Inflows of $0.7 billion in Australia combined with substantially improved flows in the UK and Europe delivered healthy organic FUM growth during the quarter. Only the Westpac Legacy book [-$0.2 billion] and the OEICs [-$0.1 billion] experienced net outflows, and the level of outflows in the OEICs was markedly reduced," Good said.

Pendal Australia's wholesale channel saw $0.2 billion in net inflows, making it the third consecutive quarter of positive inflows.

Institutional channel for the Australian business returned from net outflows ($0.4 billion) to net inflows ($0.5 billion).

In March, Pendal announced US-based Good as the replacement for Emilio Gonzalez, who will leave the company after nearly 11 years.

Good was appointed the chief executive of J O Hambro Capital Management (JOHCM) in the US in December 2019 and has spent a large part of his 24-year-long career working in ETFs for State Street and BlackRock/Barclays BGI (which merged).

Read more: Pendal GroupNick Good