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Tough quarter for Pendal

Pendal Group has endured a disappointing quarter, with $5 billion in outflows from UK institutional clients.

Pendal reported funds under management for the December quarter at $135.7 billion, down on $139.2 billion the previous quarter.

Contributing to outflows was $0.8 billion in Australia from institutional mandates in Australian equities and fixed income.

In the UK, there were two notable redemptions from institutional clients which resulted in $5.1 billion in outflows - primarily from Pendal's Global Opportunities strategy.

"It has undoubtably been a disappointing quarter in terms of our flows. However, we are responding with a clear set of actions and have delivered strong performance fees in line with those recorded in a prior year," Pendal chief executive Nick Good said.

"Pendal continues to invest in distribution in key target markets, is working closely with fund managers to strengthen investment performance and has launched new impact and thematic that are quickly gaining traction and meeting the changing needs of clients. We remain committed to bringing investment excellence to our clients over the full market cycle."

There were some inflows for Pendal, with $0.1 billion from wholesale clients in Australia and $0.8 billion in net inflows to its US Pooled Funds.

Read more: Pendal GroupNick Good