Subsidiaries boost Peregrine
Growth in annuity earnings in the six months to end-September accounts for most of the aggregate earnings
Financial services group Peregrine reported a 6% rise in its first-half headline earnings to R272m on Thursday, boosted by its underlying businesses. The main operating businesses in the group are Citadel, Peregrine Securities, Peregrine Capital, Stenham and Java Capital. Annuity earnings grew 20% to R163m in the six months to end-September, accounting for 79% of the aggregate earnings of the operating entities. Assets under management at Citadel‚ the group’s wealth management business‚ rose moderately to R45.9bn from R44.95bn before. Citadel’s headline earnings rose 14% to R94m, helped by higher performance fees earned. “Annuity income continues to grow strongly, in addition to which the growth in performance fees and prospective performance fees has also been very pleasing,” the company said. “The group continues to focus on growing its businesses organically and through acquisition, and driving cross-business revenue synergies, and remains well positioned to capitalise on further...
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