Perpetual had a strong net-flows of $449m into Perpetual Investments which occurred from 1st July to 21st August, with most into Australian equities, well ahead of our estimate. Divisional numbers: Perpetual Investments FY15 EBITDA of $138.1m below our $135.1m estimate (slight revenue miss); Perpetual Private FY15 EBITDA of $49.6m in line with our $50.0m estimate; Corporate Trust FY15 EBITDA of $36.5m ahead of our $33.9m estimate, with higher revenue being the driver. Read the full summary here: (VIEW LINK)