Enduring Prosperity - Financial Services Growth Strategy
FY22 guidance
Continuing to invest in our growth strategy
Operating Expenses ($m)
471.2
•
LOW
HIGH
LOW
70.4
79.8
HIGH
LOW
23.6
14.1
HIGH
Includes:
•
Jacaranda and Laminar
operating costs
•
Continued investment in
technology & custodian
transition
Staff costs supporting growth in
our business units
Excludes:
Performance fee expense
Includes:
12 months of Barrow Hanley
operating costs (vs 7 months in
FY21)
574.6
556.0
•
Annualised cost of FY21
investment in global distribution
•
Further investment in global
distribution
Currency movement²
Continued investment in
Trillium including the expansion
in Edinburgh
FY21
total
expenses¹
Ex PAMI
expense
growth 3-5%
PAMI
expense
growth 15-17%
FY22
total expense
guidance
18%-22%
Growth related expenses
The operating expense growth attributable
to growth investments is expected to be 2-
3% ex PAMI and 13-14% for PAMI. Growth
investments include acquisitions (Barrow
Hanley and others made during 1H22),
investment in distribution and new
strategies/channels
Significant items
Significant items relating to transaction and
integration costs as well as amortisation of
acquired intangibles expected to be within a
range between $45-47 million³ after tax
Full Year Outlook
Positive momentum across all operating
divisions
Earnings to be driven by continued
investment in both organic and inorganic
initiatives
1. 1H21 UPAT has been restated due to a change in accounting policy on the treatment of Software-as-a-service (SaaS) costs. Refer to Section 5-2 in the Financial Statements. 2. Assumes AUD:USD FX rate of 0.72 in FY22 3. Significant items
guidance outlined above does not include unrealised gains/losses on financial assets and fair value movements associated with the Barrow Hanley accrued incentive compensation liability
19View entire presentation