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J.P. Morgan Asset Management’s head of Australia to leave firm
Rachel Farrell
Rachel Farrell, Sydney-based CEO and country head for J.P. Morgan Asset Management Australia, will leave the firm by July, a spokeswoman said.
Ms. Farrell, reached on LinkedIn, declined to discuss her immediate plans.
The spokeswoman said a search will be launched to hire a successor, with Ms. Farrell staying on to ensure a smooth transition.
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The listed wealth manager’s profit almost halved in the first six months of the 2021 year, with its advisory division recording lower earnings and revenue.
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Perpetual recorded a net profit after tax of $29.2 million for the first half of the year, close to half (43 per cent less) of the $51.6 million it produced in 1H20. The company had felt the effects of $2.5 billion in net outflows from its Australian asset management business, continuing on from $1.1 billion flowing out in the prior half.
Group earnings before interest, tax depreciation and amortisation (EBITDA) had also fallen by 46 per cent to $24 million for the first half.
The investment group’s profit for the first half of the 2021 financial year almost halved under the weight of $2.5 billion in net outflows from its local asset management business. Perpetual recorde
Why Afterpay, Cleanaway, Mosaic Brands, & Perpetual shares are dropping lower
James Mickleboro | January 22, 2021 12:44pm |
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In afternoon trade the
S&P/ASX 200 Index (ASX: XJO) is on track to end the week in a subdued manner. The benchmark index is down 0.2% to 6,812 points at the time of writing.
Four ASX shares that are falling more than most today are listed below. Here’s why they are dropping lower:
The Afterpay share price is down 5% to $141.85. This appears to have been driven by profit taking from investors after some stellar gains recently. In fact, at one stage today the Afterpay share price hit a record high of $151.22. When the payments company’s shares hit that level, it meant they were up a massive 37% since last Wednesday. A bullish broker note and Affirm’s successful IPO in the US have helped drive Afterpay’s shares higher this month.