Business Description:
Perpetual Ltd (PPT) is an independent financial services group operating in funds management, financial advisory and trustee services. PPT offers investment products, financial advice, philanthropic and corporate services to individuals, families, financial advisers and organisations. Clients can access products and services through financial advisers, other financial institutions and directly from PPT.

Strategy Analysis:
Former CEO Chris Ryan´s strategic review of 2011 had three outcomes: * Portfolio management: PPT is sharpening its focus on core competencies. The first decisions were to close Dublin-based investment operation and sell the smartsuper self-managed superannuation fund administration service. * Cost management: Cost management will be more active so the cost base becomes more variable in response to changing business and market conditions and opportunities. * Capital management: Capital management is also now more active. If the business cannot invest excess capital to add value for shareholders then it will be returned to shareholders, as demonstrated by the off-market share buy-back of $70m in 2011. The sudden departure of the former CEO in early February 2012 raises the possibility of a period of strategic uncertainty while new CEO Geoff Lloyd develops his plans. Perpetual reported NPAT down 31% to $62.03m for the year ended 30 June 2011. Revenues from ordinary activities were $444.38m, up 5% from last year. Diluted EPS was 140.8 cents compared to 210.5 cents last year. Net operating cash flow was $114.48m compared to $152.55m last year. The final dividend declared was 90 cents, taking the full year dividend to 185 cents compared with 210 cents last year.