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.
AUTHOR
Laura Dew
Recommended for you
Clime Investment Management has enacted a range of growth initiatives to boost the firm’s reach with wholesale investors and a new approach targeting the retail market.
Generation Development Group, parent of Generation Life, has entered the ASX 200, having grown its funds under management to almost $4 billion.
Lonsec and SQM Research have highlighted manager selection as a crucial risk for financial advisers when it comes to private market investments, particularly due to the clear performance dispersion.
Macquarie Asset Management has indicated its desire to commit the fast-growing wealth business in Australia by divesting part of its public investment business to Japanese investment bank Nomura.
