Investors pulled out $6.8 billion net from Pendal Group’s strategies in the three months ending December, sending shares 15.8 per cent lower after the update on Friday.Fairfax Media
Two British institutional clients, who together yanked mandates for $5.1 billion from Pendal’s Global Opportunities strategy, accounted for the bulk of Pendal’s December-quarter net outflows.Its Australian business suffered net outflows of about $900,000, again primarily from institutional clients such as superannuation funds, who exited Pendal’s Australian equities and fixed income strategies.
Its JO Hambro Capital Management business booked $43.3 million in performance fees for the 12 months ending December, up slightly from 2020’s $41.2 million.Several other listed funds management businesses are in the same position.
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