Perpetual Limited (ASX: PPT) confirmed at its 29 October 2026 annual general meeting that the sale of its Wealth Management division to Bain Capital remains on track to complete before the end of the 2026 calendar year, following receipt of required regulatory approvals. The company will receive $500 million in upfront cash at completion, subject to standard adjustments, with the potential for a further $50 million in performance earnout payments. The transaction, announced in March after a thorough sale process, will result in Perpetual retaining ownership of the Perpetual brand and licensing it to Bain Capital for 15 years.
The Board’s decision to reject a revised proposal from Windflower Pte Limited, an entity associated with Swedish private equity firm EQT AB, represented a critical moment for the company. EQT’s best and final offer of $22.50 per share, with an allowance for a 60 cents dividend, was deemed not capable of being recommended after the Board assessed execution risk, timing, terms and conditions alongside its fiduciary obligations to shareholders. Management confirmed the decision to engage with EQT and subsequent rejection did not alter the company’s strategic priorities, emphasising focus remained on completing the Wealth Management transaction.
Perpetual reported a full-year underlying profit after tax of $217.0 million for FY26, representing 6 percent growth on the prior year, though the statutory net profit of $88.9 million was materially influenced by significant items including a tax credit from the Wealth Management sale. The Board declared a final dividend of 63 cents per share, unfranked, taking total FY26 dividends to $1.22 per share, a 6 percent increase on the prior year. Management expects that franking credits generated from the Wealth Management sale may support a return to partially franked dividends from the second half of FY27, contingent on transaction completion and tax outcomes.
The company’s Simplification Program has delivered $72.6 million in annualised cost savings as at 30 June 2026, exceeding the FY26 target of $60 million. Management remains on track to achieve up to $80 million in annualised savings by the end of FY27. Gross debt decreased 15 percent over the year to $629.3 million, driven by higher cash generation and disciplined capital management. Completion of the Wealth Management sale is expected to move the Group into a net cash position.
Business performance remained mixed across divisions. Corporate Trust delivered strong results with revenue up 8 percent to $220.8 million and underlying profit before tax up 9 percent to $98.8 million, while funds under administration reached a record $1.4 trillion. Asset Management generated revenue of $880.5 million and underlying profit before tax of $207.5 million, though the division faced significant outflows of $25.1 billion during the year. Wealth Management experienced softer conditions during the separation preparation, though funds under advice increased 3 percent and the division achieved a record net promoter score.
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Become an AR or CARLooking ahead, Perpetual’s FY27 priorities centre on completing the Wealth Management sale, continued deleveraging, pursuing cost reduction commitments, protecting and strengthening the Corporate Trust market position, and targeted product innovation in Asset Management. Investors should monitor progress toward transaction completion before year end and the company’s ability to stabilise and grow the Asset Management division amid ongoing industry headwinds. This announcement is price sensitive and was flagged as material by the ASX.
View the full ASX announcement (PDF)
About Perpetual Limited (ASX: PPT)
Perpetual Limited is an independent financial services group that provides investment management, wealth advice, and corporate fiduciary services globally. The company operates through three segments: Asset Management, which is a global multi-boutique asset manager; Wealth Management, offering financial planning and trustee services to high-net-worth clients; and Corporate Trust, providing fiduciary and digital solutions to the banking and financial industry. The company is headquartered in Sydney, Australia and was founded in 1886.
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