# PDL - Pendal Group



## Pager (14 November 2007)

Opened today, any thoughts?

Not sure if this is a general IPO or for Westpac shareholders only ?.

Im a Westpac shareholder so will be applying for some, maybe won’t make the kind of debut that platinum made but should be a good stock to add to long term portfolios.

If its open to WBC shareholders only may be a bit of a scrum when it lists as the institutions may have to buy if they cant get there full weighting off the float.


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## Rainmaker2000 (14 November 2007)

*Re: BT Investment Management IPO*

I would not say there is anything exception about BT but it may build into something distinctive now with its independence.......I would not buy it but there will be a big scrum to get it on float so you should get some if you have the inside running........basically, my understanding is that WBC does not want to sell it and is keeping 60% but they are doing it to make sure they retain their staff.


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## Pager (29 November 2007)

*Re: BT Investment Management IPO*

Westpac closed the offer on Wednesday due to strong demand from eligable WBC shareholders.

Applied for some myself so fingers crossed for a platinum type debut.


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## Rod_WA (5 December 2007)

*BTT - BT Investments*

Can I trade "Conditional and Deferred Settlement"?

BT Investment Management (BTT) starts trading on a Conditional and Deferred Settlement basis on Monday 10 Dec.

Does anyone know if I can sell through Westpac Broking from Monday, or do I need to wait until my holding is registered with Westpac Broking?

The application was done through my WB HIN. I rang them and they said they could do it if I provided them with the SRN, but I'm pretty sure I'm going to be on the WB CHESS register, and not the Issuer Sponsored register.

Can anyone enlighten me?


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## RichKid (5 December 2007)

*Re: BTT - BT Investments*



Rod_WA said:


> Can I trade "Conditional and Deferred Settlement"?
> 
> BT Investment Management (BTT) starts trading on a Conditional and Deferred Settlement basis on Monday 10 Dec.
> 
> ...




I'm not sure myself to be honest Rod, try calling the ASX about CHESS and related issues, they would have the best idea imo.


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## Pager (10 December 2007)

*Re: BT Investment Management IPO*

Who shot the Stag 

Made its debut at $4-78 so a 2 cent discount to IPO, closed at $4-79.

What a fizzer  not that i had any intention of selling, got mine for the long term, although didn't get my full amount i had applied for, may top up if it weakens further.


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## ROE (10 December 2007)

Not a fan of public list managed fund ... there seem to be a lot of them floating lately. Time to cash in the flavor of the year.

this tell me there going to be a whole lot of fees for all parties (fund managers and the underwriters) and not much return for everyone else


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## vishalt (10 December 2007)

Hope it doesn't turn out to be like RAMS home loan hey?


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## oldblue (26 January 2008)

Now that we have a smiling bear in the house does anyone see value in this stock at current sp?
Super fund contribs will keep flowing and BTT has a prominent place in the market.

Disc. Not holding.


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## Dezza (16 March 2008)

With markets in decline, BTT have reviewed their forecasts: http://www.asx.com.au/asxpdf/20080227/pdf/317ptslrjhvnq2.pdf

Almost halved in price since floating...hasn't been the best of times to list I guess. As the previous posts have stated, won't be much of a short-term thing but rather long-term, what are the chances its bottomed out? 

With WBC still holding majority holdings, is there less risk in comparison to the other managed funds listed?


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## Rainmaker2000 (16 March 2008)

I can't really compare the stock prices to the other similar players....that's someonelses call.......I do know however that the listed BT is far inferior to other players...for example, its a pretty typical fund manager.......but I have also read that BT does not even own vital parts of their own business...for example, I read that they lease their name of WBC yearly for a fee and what worse: they don't own client lists.....

I am not curious about the stock cause it would appear to be exactly what WBC wanted it to be.....they did not want to part with the business but why not float it at the top of the cycle, retain majority holding, and make the firm still dependent on WBC.........there could be more to the story so you could dig deeper, but I very much favour other financial stocks at current levels...


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## Chupacubra (20 November 2011)

I recently bought in on this company with the intention of holding for around 3-5 years - I've noticed that the company is allowed to establish a DRP but it isn't currently activated. I'm looking for some advice under which scenario(s) BT Investment would activate their DRP.

I'm guessing it is somewhat related to WBCs holding % in the company, but I'm not sure about other factors that would get a DRP up and running.


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## ROE (20 November 2011)

Chupacubra said:


> I recently bought in on this company with the intention of holding for around 3-5 years - I've noticed that the company is allowed to establish a DRP but it isn't currently activated. I'm looking for some advice under which scenario(s) BT Investment would activate their DRP.
> 
> I'm guessing it is somewhat related to WBCs holding % in the company, but I'm not sure about other factors that would get a DRP up and running.




Companies run DRP for a few reasons
1. Cheap capital from shareholder
2. Allow holder who wish to stay in long term and grow their shareholding in the stock
    without incur brokerage

Companies may suspend DRP 

1. they think the stock is trading too cheaply and don't want DRP to over diluting   existing shareholder.

2. They got too much cash and don't want any more capital and at the same time
    protecting shareholder from dilution.
    CCP did this last year...they suspend DRP, they got too much cash, they rather
    hand out more in dividend


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## Chupacubra (21 November 2011)

ROE said:


> Companies run DRP for a few reasons
> 1. Cheap capital from shareholder
> 2. Allow holder who wish to stay in long term and grow their shareholding in the stock
> without incur brokerage
> ...




Thanks for that ROE. So the fact that WBC holds such a high ownership % doesn't really impact on a decision to start the DRP? (The DRP hasn't run for the life of the stock as far as I know).

I'm guessing when they floated they were probably hoping that the share would rise to $6+ by now instead of tanking like it has. Though they have done a pro rata share issue to help fund the J O Hambro acquisition...


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## pavilion103 (30 October 2013)

This one is a breakout. Looks interesting with the recent volume too.


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## piggybank (21 December 2013)




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## piggybank (10 January 2014)

Up she goes again...


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## piggybank (23 January 2014)

Still heading in the right direction - *North*


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## piggybank (20 March 2014)

Still rising nicely to the NORTH

​


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## PinguPingu (29 April 2014)

Its come off and is approaching a pretty big trend line @ 6.50, should be interesting seeing they should report sometime this week, a stunning run up in the last 2 years.


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## dyna (11 July 2015)

I hooked into these things over 5 years ago when they were less than two bucks. At the time BTIM only had about $40 Billion under management.Last time I looked, they pull that much in, every 6 months or so.Quite the performer for patient,long term shareholders.Now,with the MP over $9,they have just completed their SPP at $8.20.Not much left over for mums and dads,so I'm expecting to be scaled back to buggery in the maximum ten grand allowed. At least Westpac shareholders got to double up....sometimes you get lucky if you take the time to read the fine print in the PDF.


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## SilverRanger (12 July 2015)

dyna said:


> I hooked into these things over 5 years ago when they were less than two bucks. At the time BTIM only had about $40 Billion under management.Last time I looked, they pull that much in, every 6 months or so.Quite the performer for patient,long term shareholders.Now,with the MP over $9,they have just completed their SPP at $8.20.Not much left over for mums and dads,so I'm expecting to be scaled back to buggery in the maximum ten grand allowed. At least Westpac shareholders got to double up....sometimes you get lucky if you take the time to read the fine print in the PDF.




What's the double up fine print for WBC shareholders? Anyway it's a plus to see more free floats for BTT


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## System (4 May 2018)

On May 4th, 2018, BT Investment Management Limited (BTT) changed its name and ASX code to Pendal Group Limited (PDL).


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## notting (4 May 2018)

Such a stupid name change


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## greggles (6 November 2019)

PDL up 9.48% today, smashing through resistance at $8 to finish the day at $8.20 following the release of its financial results for the year ended 30 September 2019. 


> Statutory net profit after tax was $154.5 million for the 12 months to 30 September 2019, which compared to $202.0 million for the previous year. Cash net profit after tax (Cash NPAT) and cash earnings per share (Cash EPS) decreased by 19 per cent over the same period, to $163.5 million and 51.3 cents per share (cps), respectively.
> 
> The result was characterised by significantly lower performance fees, which were down 89 per cent from $54.5 million in the previous corresponding period (pcp) to $5.9 million. Base management fees declined a modest four per cent as funds under management (FUM) remained broadly steady and fee margins contracted two basis points to 49 basis points (bps) due to a change in asset mix. Operating profit pre-performance fees of $198.5 million was eight per cent lower compared to pcp.
> 
> A final dividend of 25.0 cps has been declared, bringing total full year dividends to 45.0 cps.










Not much of a comment from me other than this result was clearly better than the market expected. The lower performance fees, as a result of fund outflows and funds that unperformed their benchmarks, resulted in an almost $50 million reduction in net profit.


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## Trav. (24 December 2020)

I jumped into PDL earlier this month and it is a losing trade for me at the moment -3%

Now it came up in a new scan today and I will be watching closely.

Looking for wave 2 to be completed
It has been in the oversold territory and it is making another break so we will see if it has enough momentum.


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## dyna (11 June 2021)

Following last month's heavily oversubscribed $ 190 Million Share Placement for Institutional shareholders, Pendal has now received $218 Million in the S.P.P. at $6.80, from the plebs. This amount will be scaled back to the same $190 Million, as in the Placement.
These 10,118 shareholders (representing just 37% of those entitled to take  up the offer) holding a minimum 1500 shares, will not be scaled back . Shareholders averaged $19,000 in their applications, up to the $30,000 limit.
Although the new shares won't come with the 17 cent dividend paid on the 1st of July (dividend has to be declared in the current 2020-21 tax return), that's a nice little profit on today's $8.00 S.P.


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## MatttSAU2XR8 (18 October 2021)

Decided to buy some PDL today. Overall I think at good deal at $6.96 although would have been a lot better yesterday at $6.76..... :-(

Still, remains 10 % down on last weeks price and seems to to have some things going for it:
- Mornignstar (via ANZ bank) are suggesting EPS of 48c for 2021 and 58c for 2022 and a target/fair price of around $9.00
- Vanguard recently bought 5 % of company on 8/10 for $8.00 per share
- Director Chris Jones bought $88k worth on market in August

What do you guys think, hold or unload if opportunity presents?


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## dyna (5 November 2021)

Today's annual result was pretty good. 24 cent dividend payable next month is up 9% on last year. S P at $ 6.95 today .Tuesday's $ 6.59 may have been the bottom.


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## Dona Ferentes (7 November 2021)

dyna said:


> SPP shareholders averaged $19,000 in their applications, up to the $30,000 limit.
> Although the new shares won't come with the 17 cent dividend paid on the 1st of July (dividend has to be declared in the current 2020-21 tax return), that's a nice little profit on today's $8.00 S.P.



and now $6.90

Pendal has benefited from a quadrupling of performance fees and the successful integration of US funds management group Thompson, Siegel & Walmsley (TSW), acquired for $413million in July.

The deal doubled Pendal’s US funds under management to (FUM) $62.5 billion and helped total FUM climb 51 per cent to $139.2 billion after what Pendal called the strongest 12-month growth for equity markets in 30 years.



> “_The TSW acquisition also creates a long-term opportunity to generate new FUM by doubling Pendal’s addressable market in the US_,” said CEO Nick Good.





> _“It was intentionally driven by our commitment to growing in the US and is expected to deliver double-digit earnings accretion in its first year_.”




Pendal stated 42 per cent of its FUM ranked in the top quartile of investment performance versus peers over the financial year, with average FUM reaching $522.8 billion in FY 2021. Despite the rising FUM, *net outflows* for the year hit $3.7 billion.



> “_In addition to TSW, we’ve done a tonne of work on our strategic priorities around strengthening our distribution, expanding our product set particularly in ESG and responsible investing, and a lot of behind-the-scenes work in our product platform,_” Mr Good said.




Pendal will pay a final dividend up 11 per cent to 24¢ per share to take total dividends to 31¢ per share. EPS was up 17% to 48.2c


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## Smurf1976 (14 January 2022)

What am I missing about this company?

It's just a fairly boring funds manager isn't it? And yet the share price seems to be in freefall with a 20% plunge at one point today.

Not a stock I hold, just came to my attention.


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## frugal.rock (14 January 2022)

Smurf1976 said:


> It's just a fairly boring funds manager isn't it?



Now with less FUM...
They have had some instos pull the rug. (See announcement today)
I was like a cat watching a bird on this one later today. Resisted.

I had a look at what happened to Magellan chart, and decided I wasn't interested, only from a TA view.


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## greggles (14 January 2022)

Smurf1976 said:


> What am I missing about this company?
> 
> It's just a fairly boring funds manager isn't it? And yet the share price seems to be in freefall with a 20% plunge at one point today.




$6.8 billion in fund outflows in the December quarter. It looks oversold at these levels, but it's probably wise to take a wait and see approach.


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## Dona Ferentes (14 January 2022)

Pendal Group CEO, Nick Good, said,

_“It has undoubtably been a disappointing quarter in terms of ourf_ _lows. However, we are responding with a clear set of actions and have delivered strong performance fees in line with those recorded in the prior year."_

yes, but.


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## divs4ever (14 January 2022)

announced   a drop in funds under management 

 i hold PDL  (  bought @ $2.30 and the cash rescued as BTT  , )


Smurf1976 said:


> It's just a fairly boring funds manager isn't it?



 apart from the international exposure  , nothing that special  ,  ( at least  JHG    can brag  about Bill Gross  in the team )

 was ALMOST tempted to  grab some extra today  , BUT  ( imho ) the UK is a basket case  , rivaling the EU , and remember the over-reaction  with MFG and am wondering  if the 'smart money ' is fleeing the funds  on a larger scale 

 so i have a fair chance of picking some of these even cheaper


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## frugal.rock (14 January 2022)

I'm wondering about the bigger picture about where the money is flowing/going, and is this sort of thing more widespread than I'm realising?
Between this, Magellan and another event a month or 2 ago (large funds pulled from yen haven to euro haven), I'm wondering if this small subset is indicative of a bigger picture?


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## Dona Ferentes (8 April 2022)

why is Perpetual having a tilt at Pendal?


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## divs4ever (19 July 2022)

Pendal Group Limited (ASX: PDL) - Request for Trading Halt
Pursuant to Listing Rule 17.1, Pendal Group Limited ACN 126 385 822 (PDL or the Company) requests
an immediate one day trading halt in respect of PDL’s ordinary shares today, 19 July 2022.
In accordance with Listing Rule 17.1 and in support of its request, PDL advises that:
(a) the trading halt is requested for the purpose of issuing an announcement to the market concerning
discussions in relation to a potential control transaction.
(b) PDL requests the trading halt to remain in place until the earlier of:
(i) such time as it makes an announcement to the market concerning discussions in relation
to a potential control transaction (ASX Announcement);
(ii) the commencement of trading on 20 July 2022; or
(iii) the Company separately requests that the trading halt be lifted.
(c) PDL expects that the ASX Announcement will be made as soon as possible, and in any event,
prior to the open of trading on 20 July 2022; and
(d) PDL is not aware of any reason why the trading halt should not be granted or of any other
information necessary to inform the market or ASX about the trading halt.
Yours faithfully

( DYOR )

i hold PDL ( 'free-carried' ) i bought when it was BTT in 2011

would rather this fell through but here we are


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## divs4ever (19 July 2022)

Pendal in discussions with Perpetual
Sydney, Australia, 19 July 2022 - Pendal Group Limited (ASX: PDL) (Pendal) advises that it is in discussions with Perpetual Limited (ASXPT) regarding a potential transaction.
Discussions are highly conditional and incomplete and there is no certainty that they will result in a transaction.

The Pendal Board will keep shareholders and the market informed in accordance with its continuous disclosure obligations.

 i exited PPT  in January 2013 @ $34 .62  ( and a useful profit for the 18 month stay )

 certainly wasn't the multi-bagger BTT/PDL has been


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