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Perpetual Divests Corporate Wealth Arm

Perpetual Sells Corporate Wealth Arm to KKR

Posted on May 10, 2024
Writer: James Miller
Reviewer: Sophia Rodriguez

Australian financial services firm Perpetual will sell its wealth management and corporate trust businesses to KKR & Co for A$2.18 billion.

The company also announced the retirement of its CEO, Rob Adams.

Perpetual’s decision to divest its corporate wealth arm comes 16 months after Perpetual acquired fund manager Pendal in a $1.6 billion deal. 

KKR will take over the wealth management and corporate trust units, while Perpetual will remain as an independent asset manager overseeing about A$227 billion in assets.

Perpetual shares fell to $A22.47 following the announcement.

Chairman Tony D’Aloisio emphasized the thorough nature of the strategic review, which involved extensive management with potential bidders.

For more information, read the full article on Reuters.

James Miller

James Miller is a Senior Content Writer at McGruff.com. He has a background in investing and has spent most of his career in the financial industry. He can trace his family tree back to the California Gold Rush when his ancestors risked it all to make it big in the west. He feels like he's following in their footsteps as he strives to make sense of today's gold market.

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