Perpetual creates $200b fund manager as Pendal deal completes


Perpetual has confirmed it has completed the acquisition with Pendal, creating a fund manager with $200 billion in assets under management.
In a statement, Perpetual said the deal created a “a global leader in multi-boutique asset management with significant scale, diversified investment strategies, world-class ESG capabilities and a stronger global distribution capability, complemented by high-quality wealth management and trustee businesses”.
The board appointments of two Pendal directors had taken effect and the new executive committee was in place
Perpetual managing director and CEO, Rob Adams, said: “Today is the beginning of an exciting new chapter for both businesses, and collectively our people, our clients and our shareholders. The Perpetual and Pendal businesses are stronger together and are better positioned to invest in and drive our future growth through the expansion of investment capabilities, while benefiting from a step change in scale, ESG capability and our significantly enhanced global operating model.”
Pendal shareholders who owned shares at 7.00pm (AEDT) on 16 January, 2023 would eceive the consideration mix for shares held by them. This comprised a total of $1.65 cash per Pendal share held, less the Permitted Dividend Amount of 3.5 cents per share which was paid to Pendal shareholders on 15 December 2022 and one Perpetual share for every seven Pendal shares.
A total of 54,747,428 Perpetual shares were issued to Pendal shareholders as part of the consideration.
The cash component of the offer, totalling $619 million, would be funded by a new debt facility and one-off pre-tax costs to achieve synergies was expected to be $110 million, with the majority to be incurred over the next 18 months.
Recommended for you
Investment strategist Anthony Doyle has returned to Pinnacle in a senior role, less than two months after leaving to join Schroders as an investment director.
With Q1 of the 2025 calendar year coming to a close, the Australian funds management industry has seen a range of major appointments and departures.
Nearly half of wealth managers across the globe say offering access to private market funds is integral to their growth plans, Natixis Investment Managers has uncovered.
Boutique fund manager and responsible investment specialist Pella Funds Management has expanded its offering by allowing direct access to investors in New Zealand for the first time.