Perpetual, the Australian fund manager, saw its net income surge to A$90.5 million ($81 million) in the year to 30 June, from A$37.7 million in the previous year.

The result was helped by positive macro-economic conditions, which helped boost stronger equity and credit performances,the firm said. The underlying profit for the year went up 11 per cent from A$65.7 million to $72.8 million. Funds under management also grew by 3 per cent to A$26.9 million, while funds under advice rose 22 per cent to $8.3 billion.

"Our growth strategy and our increased financial strength have reinforced our market position, allowing us to target and capture future growth opportunities," David Deverall, chief executive officer, said in a statement.

The company is looking to grow its private wealth and mortgage services businesses over the coming months, accounting for the 15 per cent rise in expenses for the year to 30 June to A$41.7 million. Perpetual said it is working to integrate businesses acquired over the past year in order to place its private wealth unit in a good position as Australia's financial services sector grows.