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  • Pendal Group’s (PDL) funds under management for the June quarter is $111 billion, an 11 per cent drop from the March quarter’s $124.9 billion
  • CEO Nick Good says the June quarter saw market challenges such as inflation worries, geopolitical tensions and fears of an economic recession arounds the world
  • The investment company says its Australia’s performance fees for the year ending in June have now been realised, generating $5.4 million in revenue
  • Mr Good says the company is remaining “prudent and flexible” in managing costs in the current market conditions
  • On the market, PDL shares are down 7.6 per cent to trade at $3.77 at 10:54 am AEST

Pendal Group (PDL) has announced its funds under management for the June quarter at $111 billion.

This is around 11 per cent drop on the March quarter result of $124.9 billion.

Pendal Group’s CEO, Nick Good, said the June quarter saw market challenges such as inflation worries, geopolitical tensions and fears of an economic recession arounds the world.

“This has resulted in client caution, which has driven fund redemptions, however flow trends improved in June and there was continued investment from St. James’s Place into the Global Opportunities strategy during the period,” Mr Good said.

“An additional $1.3 billion is expected to be funded by St. James’s Place in the September quarter.”

The total funds under management included $29.6 billion from its Australian business, $20.4 billion in Europe, UK and Asia, and $50.3 billion for its US operations.

The investment company said its Australia’s performance fees for the year ending in June have now been realised, generating $5.4 million in revenue.

Mr Good said the company is remaining prudent and flexible in managing costs in the current market conditions.

“These include the development and expansion of our global distribution capability, the streamlining of the group’s global operating platform and adapting our product offerings to ensure ongoing and future relevance to our clients,” he added.

On the market, PDL shares were down 7.6 per cent to trade at $3.77 at 10:54 am AEST.

PDL by the numbers
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