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Perpetual always looking to expand

Perpetual always looking to expand

(Australia) Wealth management company Perpetual has told shareholders that profits for the first quarter of FY2004 are tracking ahead of the same period last year and that it hasn’t ruled out making acquisitions in a bid for greater market share. The company said improvements in financial markets and the reputation of Australian equities had led to funds under management increasing by seven percent since June.

Perpetual said it had $18.6 billion under management at 30 September, and that the group had net assets of $287.4 million, including cash holdings of more than $113 million and an investment portfolio valued at $102.1 million.

The company also introduced its new managing director David Deverall, who told shareholders the company’s businesses operated in markets that were "poised for continued growth".

"While we already occupy strong market positions in a number of core businesses, we will continue to work towards growing and expanding our market share in these and related segments," Deverall said.

He said Perpetual’s diversification strategy was likely to focus primarily on organic growth and development but that it could also include joint ventures and acquisitions.
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