Perpetual in major US acquisition
Major investment house, Perpetual has announced the acquisition of 75% of US-based investment business, Barrow, Hanley, Mewhinney and Strauss.
The company said the transaction was valued at $465 million with the stake being acquired from BrightSphere Investment Group.
Perpetual will be entering a capital raising via an institutional placement and a share placement to fund the acquisition.
Explaining the move, Perpetual said it would add scale and deliver multiple world-class investment capabilities with funds under management (FUM) of $US44.1 billion ($62.15 billion) across 21 key strategies.
The announcement said the acquisition would significantly increase Perpetual’s US distribution reach and accelerate the build-out of the company’s global distribution capabilities.
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