[GRTV] Perpetual Guardians growth plans

Perpetual Guardian chief executive Patrick Gamble tells Philip Macalister about the firm’s plans to grow its funds management and financial advice business.

Wednesday, September 18th 2024, 10:22AM

It will come as a surprise to many that Perpetual Guardian currently has around $2.8 billion in its wholesale funds management business and is looking to enter the retail market.

Gamble, speaking on Good Returns TV, says there are 12 funds including multi-asset funds, single sector ones plus a couple of specialist funds. The specialist funds include a high conviction fund, a BlackRock-managed alternatives fund and a climate fund based on a FTSE index. (https://www.goodreturns.co.nz/article/976522642/pgi-switches-unit-holders-to-climate-indexed-approach.html)

Gamble says PG is “a bit bigger than people realise.”

While the current funds are used for the firm’s fiduciary clients there is demand for them to be made retail, he says.

PG acquired Trustee Executors’ wealth business recently and is looking to further expand into financial advice.

Gamble says it is an area “we can expand into quite nicely.”

While there are no acquisitions in the pipeline at the moment the company is always looking for opportunities.

Perpetual Guardian’s trust business has seen growth even through the number of trusts it is involved with has declined.

Gamble says the days of setting up a family trust and running it with family and mates is over due to legislative changes.

That means that the value of professional trustees has gone up as they are required to run trusts.

Castlepoint update

Perpetual Guardian acquired Castlepoint Funds Management earlier this year and Gamble says investors are happy with the change.

Castlepoint has, what he calls, “an interesting investment thesis” and that won’t change under its new ownership.

He says “retail investors are happy to have a fresh pair of eyes” on the three funds. "While the investment approach is staying the same, one thing that will change is the deployment of more of the cash that was in the Ranger Fund and right sizing of some positions.

“It’s in good hands now and (investors are) looking forward to better returns.”