IOOF  | Annual Report 2012 Trustee Services Investment Management 2011/  2012 2010/  2011 Change on  prior year (%) Revenue ($’m) 125.9 132.4 -5% UNPAT pre  amortisation ($’m) 35.5 37.5 -5% Average FUA ($’b) 29.6 32.0 -7.5% 2011/  2012 2010/  2011 Change on  prior year (%) Revenue ($’m) 21.3 20.8 2% UNPAT pre  amortisation ($’m) 4.8 4.9 -2% Average FUA ($’b) 30.1 28.0 7.5% About the Division About the Division Activities Multimanager  Activities Perennial Investment Partners Limited page 11 •  In current market conditions, Corporate Trust activity  remained broadly in line with forecasts. Focus remains on process efficiency gains and new business. •  AET Superannuation refreshed each of its principal offerings  with contemporary functionality and has enjoyed positive  growth as a result. •  The Estate and Trustee Services ‘partnering’ strategy has  seen tremendous growth in trust appointments. •  AET virtual estate planning (AET National), offering remote  access to regional dealer group offices for estate planning  services has been well received across the country. •  Despite challenging global markets, the Perennial  Value Small Companies Trust continued to deliver good  performance relative to its peers and the benchmark. •  Perennial’s Fixed Interest Team delivered strong  performance across its suite of products. Following the  successful launch of Perennial’s Tactical Income Trust  in June 2009, the Trust reached $250 million under  management in June 2012.  •  For the third consecutive year, the Perennial Fixed Interest Team won the coveted Fixed Interest Fund Manager of the Year Award at the Australian Fund Manager Association Awards. •  Continued ‘recommended’ rating from Lonsec and 4 apples  from Chant West. •  Strong relative performance from Multimix cash  management trust, cash enhanced trust, income trust and  the alternatives product. •  Roll out of new low-fee Multiseries balanced product. •  Steve Merlicek named CIO of the year 2012 at the National  Achievement Awards. The Trustee division includes Estate Planning, estate  administration, fiduciary services, small fund platform offerings and corporate trust services, operating under the brand, Australian Executor Trustees. The team of estate  planning lawyers prepare estate plans, wills, powers of attorney and manage deceased estates on behalf of their  clients while the fiduciary services team obtains appointments  to act as trustee of compensation and disability trusts as well as private appointments. The Corporate Trust team act as custodian for managed  investments schemes, trustee or security trustee of  securitisation and structured finance transactions, and trustee  for note and other debt issues. The AET Superannuation  offering specialise in the provision of Small APRA Funds and  SMSF end to end administration services. IOOF offers multi-manager products that are easy to understand  with well-rounded investment options across a range of asset  classes. Through Perennial Investment Partners, Australia’s leading  boutique investment house, investors can access investments in  Australian shares, international shares, Australian listed property,  global listed property, fixed interest and cash.