The best thing that can be said for the December quarter numbers released by Perpetual on Thursday is they are relatively spin-free. Because there’s not much lipstick to put on this pig.

While assets inside the group’s asset management business rose 4 per cent, this was mainly down to currency movements, with net outflows recorded at the group’s fund managers Barrow Hanley, JO Hambro, Trillium, Pendal and TSW. All of these were acquired since 2020 as part of former chief executive Rob Adams and chairman Tony D’Aloisio’s attempt to diversify away from its heavy Australian exposure – and the influence of Perpetual’s Australian equities team.