Aussie Asset Managers May Get Rate Boost, But Challenges Remain -- Market Talk

Dow Jones03-15

2254 GMT - Australian asset managers are likely to continue to cede market share to passive options, says Morningstar analyst Shaun Ler in Morningstar's Industry Pulse report on listed asset managers for 1Q 2024. Ler notes that share prices of the ASX-listed asset managers fell for most of 2023, but broadly rebounded late in the year as the market anticipated lower interest rates and better fund flows. "A stabilization in interest rates could boost investor risk appetite, enhancing fund flows and asset prices. However, this prospective recovery is cyclical, and structural challenges remain," Ler says. He adds that with an average price/fair value ratio of 0.78, Insignia and Perpetual offer the greatest relative value. "We think the market underestimates flows and the potential value from cost cuts for both these firms," Ler says. (alice.uribe@wsj.com)

(END) Dow Jones Newswires

March 14, 2024 18:54 ET (22:54 GMT)

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Ler notes that share prices of the ASX-listed asset managers fell for most of 2023, but broadly rebounded late in the year as the market anticipated lower interest rates and better fund flows. \"A stabilization in interest rates could boost investor risk appetite, enhancing fund flows and asset prices. However, this prospective recovery is cyclical, and structural challenges remain,\" Ler says. He adds that with an average price/fair value ratio of 0.78, Insignia and Perpetual offer the greatest relative value. \"We think the market underestimates flows and the potential value from cost cuts for both these firms,\" Ler says. 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