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Perpetual Divests Corporate Wealth Arm

Perpetual Sells Corporate Wealth Arm to KKR

Posted on May 10, 2024
Writer: James Miller

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.

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