The wealth manager is one step closer to breaking up the business after it confirmed talks with KKR that would leave Perpetual solely with asset management.
Already a subscriber?ASX-listed wealth manager Perpetual is in exclusive talks with buy-out giant KKR to sell its corporate trust and wealth management units as part of a break-up of the 137-year-old group.
While little detail has emerged about a possible price, Street Talk reported that KKR and Perpetual were ironing out terms such as the tax implications and a potential rebranding of the asset management unit where the trust business retains the Perpetual name. that have coveted the corporate trust business and its recurring income, in particular. A break-up, the company hopes, will close the valuation gap between Perpetual’s assets and its sharemarket value.
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