Perpetual Limited (ASX: PPT) released its Perpetual Ltd Q2 FY26 update on 29 January 2026. The Company reported mixed performance across business divisions for the quarter ending 31 December 2025. Corporate Trust performed strongly while Asset Management faced net outflows.
Figure 1: Perpetual Limited corporate logo representing the Company’s Australian financial services operations. [Stocklight]
Chief Executive Officer and Managing Director Bernard Reilly stated the Perpetual quarterly update reflected varied results. Total Assets Under Management was $227.5 billion as at 31 December 2025, a decrease of 1.9 per cent. The Perpetual funds management update showed net outflows of $7.8 billion, offset partially by favourable market movements.
What Did the Perpetual Quarterly Update Reveal About Asset Management?
The Perpetual quarterly update showed Total Assets Under Management decreased from $232.0 billion at 30 September 2025. Net outflows of $7.8 billion and unfavourable currency movements of $2.1 billion drove the decline. Favourable market movements of $5.4 billion partially offset these impacts.
Average AUM was higher at $230.8 billion compared to $230.2 billion in the September quarter. The Perpetual funds management update detailed performance across six boutiques with varying results. Barrow Hanley, JOHCM, Pendal, Perpetual Asset Management, Trillium and TSW each faced different market dynamics.
How Did Barrow Hanley and JOHCM Perform in the Perpetual Ltd Q2 FY26 Update?
Barrow Hanley’s AUM was $87.7 billion, down 1.4 per cent on the September quarter. Net outflows of $3.3 billion and unfavourable currency movements of $1.2 billion drove the decrease. Positive market movements of $3.2 billion partly offset these factors.
Figure 2: Perpetual Limited hosts a client and stakeholder engagement session at its offices. [LinkedIn]
JOHCM’s AUM was $34.6 billion, a decrease of 1.4 per cent compared to the September quarter. The Perpetual quarterly update noted net outflows of $1.0 billion and unfavourable currency movements of $0.4 billion. Positive market movements over the quarter of $0.9 billion partially offset outflows.
What Success Did Perpetual Asset Management Achieve?
The Perpetual funds management update highlighted Perpetual Asset Management’s AUM uplift to $22.9 billion. This represented a 1.9 per cent increase on the September quarter supported by net inflows of $0.5 billion. Net inflows were predominantly in Fixed Income strategies at $0.7 billion.
The boutique saw positive flows from new products according to the Perpetual Ltd Q2 FY26 update. The new Perpetual Diversified Income Active ETF attracted approximately $0.2 billion in flows. Perpetual Credit Income Trust successfully raised approximately $0.3 billion in its second capital raise since listing.
How Did Other Boutiques Perform in the Quarterly Update?
Pendal Asset Management’s AUM was $43.6 billion, down 2.6 per cent compared to the September quarter. Net outflows were $0.8 billion and unfavourable market movements were $0.3 billion. Excluding cash, Pendal reported net inflows of $0.3 billion mainly in Australian Equities.
Figure 3: Perpetual Limited Assets Under Management by asset class and region, detailing flows and foreign exchange impacts for the period ended 31 December 2025. [Perpetual Limited]
Trillium’s AUM was $7.9 billion, down 10 per cent on the September quarter. Net outflows of $1.0 billion and unfavourable currency movements of $0.1 billion offset positive markets. TSW’s AUM was $30.8 billion, 3.5 per cent lower than the September quarter, with net outflows of $2.1 billion.
What Did the Perpetual Funds Management Update Say About Corporate Trust?
Corporate Trust’s total Funds Under Administration grew to $1.31 trillion as of 31 December 2025. This represented a 2.1 per cent increase on the September quarter. The Perpetual quarterly update highlighted strong performance across all three Corporate Trust segments.
Figure 4: Perpetual Limited executives participate in a leadership discussion on business strategy and market conditions. [LinkedIn]
Debt Market Services FUA was $733.6 billion, up 2.8 per cent on the previous quarter. Growth came predominantly through existing and new client FUA growth in Residential Mortgage-Backed Securities segments. Managed Fund Services FUA was $580.6 billion, up 1 per cent compared to the prior quarter.
What Is the Status of Wealth Management Sale?
The Perpetual Ltd Q2 FY26 update reported Wealth Management’s total FUA was $21.9 billion as at 31 December 2025. This was flat on the prior quarter. Average FUA for the three months was $21.9 billion, a slight increase compared to $21.8 billion.
Perpetual has progressed negotiations with Bain Capital Private Equity on the potential sale. Significant progress has been made on transaction documentation, and engagement between parties continues. While discussions are well advanced, there is no certainty that a binding agreement will be reached.
How Did Asset Classes Perform in the Perpetual Funds Management Update?
The Perpetual funds management update showed Total Equities at $180.0 billion compared to $184.2 billion in the September quarter. Net outflows of $7.3 billion were partially offset by positive market movements of $5.0 billion. Total Fixed Income was $23.8 billion,   supported by net inflows of $0.9 billion.
Figure 5: Perpetual Limited Assets Under Management by boutique, showing quarterly flows and movements for the period ended 31 December 2025. [Perpetual Limited]
Global and International equities experienced net outflows of $4.2 billion. US equities saw net outflows of $3.0 billion while Emerging Markets attracted net inflows of $0.1 billion. Australian Fixed Income strategies attracted net inflows of $0.8 billion during the quarter.
What Regional Trends Emerged in the Perpetual Ltd Q2 FY26 Update?
Australia reported total AUM of $71.4 billion compared to $71.9 billion in the September quarter. Net outflows were $0.2 billion with unfavourable market movements of $0.3 billion. Cash outflows of $1.2 billion impacted the regional performance.
Americas’ total AUM was $133.7 billion, down from $137.4 billion in the September quarter. Net outflows of $6.9 billion were partially offset by positive market movements of $5.0 billion. EUKA’s total AUM was $22.4 billion, down from $22.7 billion, with net outflows of $0.7 billion.
Perpetual Share Price and Market Performance
Perpetual shares are currently trading at $19.080 with a market capitalisation of $2.17 billion. The stock has traded in a 52-week range of $14.980 to $24.080 per share. The Company’s share price performance reflects the mixed quarterly results and the ongoing Wealth Management sale process.
Figure 6: Perpetual Limited share price performance over the past year, reflecting recent market movements. [Australian Securities Exchange]
The announcement of the Perpetual Ltd Q2 FY26 update provides investors with clarity on operational performance. The upcoming half-year results on 26 February 2026 will provide additional details on financial performance. Investors will monitor the Bain Capital transaction progress and Asset Management flow trends closely.
About Perpetual Limited
Perpetual Limited is an Australian financial services company providing asset management, wealth management and corporate trust services. The Company operates through multiple boutiques, including Barrow Hanley, JOHCM, Pendal, Perpetual Asset Management, Trillium and TSW. Perpetual is headquartered in Sydney and is listed on the Australian Securities Exchange.
The Company manages assets across equities, fixed income, multi-asset and other investment strategies. Perpetual serves institutional, intermediary and retail clients across Australia, the Americas and the EUKA regions. Corporate Trust provides debt market services, managed fund services and digital solutions.
Final Thoughts
The Perpetual Ltd Q2 FY26 update demonstrated challenges in Asset Management offset by strength in Corporate Trust. Net outflows totalling $7.8 billion impacted overall AUM performance. Positive developments included Perpetual Asset Management’s successful product launches and Corporate Trust’s continued growth.
The Perpetual quarterly update highlighted progress on the Wealth Management sale to Bain Capital. Expense management remains on track with guidance. The Perpetual funds management update positions the Company for the half-year results announcement on 26 February 2026.
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FAQs
Q1. What was Perpetual’s total AUM in the Perpetual Ltd Q2 FY26 update?
Ans. Perpetual reported total Assets Under Management of $227.5 billion as at 31 December 2025, a decrease of 1.9 per cent from $232.0 billion.
Q2. Which division performed best in the Perpetual quarterly update?
Ans. Corporate Trust performed strongly with Funds Under Administration growing to $1.31 trillion, up 2.1 per cent on the September quarter.
Q3. What were the net outflows reported in the Perpetual funds management update?
Ans. The Company reported net outflows of $7.8 billion for the quarter, or $6.6 billion excluding cash outflows.
Q4. What is the status of the Wealth Management sale?
Ans. Perpetual has progressed negotiations with Bain Capital Private Equity with significant progress on transaction documentation, though no binding agreement has been reached.
