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Nov 07, 2018 - Australian Financial Review

Pendal Group

Pendal Group shares fell 0.7 per cent to trade at $8.18. Morgans cut its target price on the asset manager to $10.05 from $11 ahead of results later in the week. The broker said that value has arguably emerged in the firm's shares but it is expecting lower earnings in fiscal year 2019 "mainly due to materially lower performance fee expectations". It also flagged up the prospect of fixed cost growth for the firm as it heads into fiscal-year 2019 and the potential for net flows ...