Markets Live, Monday 11 May, 2020

Market uncertainty has forced global investor Pendal Group to shrink its interim dividend by one quarter from the same time last year, paying shareholders 15 cents per share.

Despite this, the share price climbed as investors mulled over Pendal’s half-year results lodged with the ASX on Monday morning. The company reported a 2 per cent increase in average funds under management to $98.6 billion and a 21 per cent decrease in statutory net profit after tax to $54.8 million.

Its performance fee revenue also declined by 86 per cent as a number of equities funds failed to beat the benchmark in the past year.

The global funds management firm announced the expansion of its impact investing arm, Regnan, and the launch of its first financial product in this business.

“This segment of the market is fast growing,” Pendal chief executive Emilio Gonzalez told investors.

Shares are up 7.5 per cent to $6.18 this morning, similar to Friday’s gains, taking the stock to to highest price since 6 March, 2020. Shares were up at $9.33 in late February, before COVID-19 started spreading around the world.

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