Perpetual Limited (ASX: PPT) was up 5% at the time of writing to $42.57, on the back of the appointment of Rod Adams as Managing Director and Chief Executive Officer. Mr. Adams previously worked at global investment management company, Janus Henderson Group PLC (ASX: JHG). The share price has fallen 24% since March 2018, due to the imminent departure of the previous CEO, and funds under management falling in the quarter ending March 2018 relative to the previous quarter.
Perpetual Limited is a financial services group that provides investment management, wealth advice and corporate fiduciary services. The shares are trading on a forward price-earnings- ratio (PER) of 13x, paying an annual fully franked dividend yield of 6.6%.
Magellan Financial Group Ltd (ASX: MFG) operates in the same space but offers international investment funds to high net worth individuals and retail clients locally and in New Zealand, and to global institutions. The company is trading on a forward PER of 18x, and paying a 3.8% annual dividend yield, which is fully franked.
