Perpetual Limited (ASX:PPT)
Perpetual Limited (ASX:PPT) is an Australian independent wealth manager operating in Australia and Singapore and provides asset management, financial advice, and trustee services. In each of these businesses, Perpetual earns the majority of its revenue from fees charged on assets under either management, advice or administration. Revenue is influenced by movement in the underlying asset values, margin on assets and net client flows. The business model provides Perpetual with recurring revenue streams and leverage to movement in asset values. As a provider of high-quality financial services, employment costs comprise the largest component of the Group’s expenses.