Pendal (PDL) outflows continue

Pendal (PDL) -5.12%; the fund manager saw shares slide today on the back of another round of FUM outflows across the group in December.  Despite the recall of funds from clients, FUM managed to climb 1% to $101.4b thanks to a strong market tailwind. One positive sign was a net inflow into UK funds, likely on the back of Boris Johnson’s big election win driving investor confidence. Despite all of this, Pendal said that the outflows would have an annualized impact of $8.9m to fee income, nearly 2% of FY19 revenue. A disappointing outcome for December and it’s likely to drive downgrades from here. It’s cheap but momentum now an issue.

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