Company Reports

Perpetual's underlying net profit after tax for fiscal 2026 increased 6% from last year. The firm is targeting 1%-2% operating cost growth for fiscal 2027, with the cost/income ratio expected at 78%, broadly in line with fiscal 2026.

Perpetual has three business units: an asset manager, a private wealth advisor, and a corporate trust service provider. Acquisitions form part of the group’s strategy to build scale and expand its products and services.

We recently cut our fair value estimates for EML Payments and GQG Partners after we self-identified a valuation error in our treatment of share-based compensation. We've now reviewed our diversified financials coverage for the same issue and identified 10 affected companies.

Perpetual has three business units: an asset manager, a private wealth advisor, and a corporate trust service provider. Acquisitions form part of the group’s strategy to build scale and expand its products and services.

Perpetual received a proposal from Windflower, indirectly controlled by private equity firm EQT, to acquire the company via a scheme of arrangement for AUD 21.64 per share. The board subsequently rejected this proposal.

Perpetual reported a 1% year-on-year decline in funds under management to AUD 219 billion for the March quarter of fiscal 2026. Its corporate trust business saw funds under administration rise 5% from the same time last year.

Perpetual has three business units: an asset manager, a private wealth advisor, and a corporate trust service provider. Acquisitions form part of the group’s strategy to build scale and expand its products and services.

Perpetual has three business units: an asset manager, a private wealth advisor, and a corporate trust service provider. Acquisitions form part of the group’s strategy to build scale and expand its products and services.

Perpetual will sell its wealth management business to Bain Capital for AUD 500 million upfront, and estimates payable taxes of AUD 45 million-AUD 50 million and post-tax transaction costs of AUD 30 million. Performance-linked earn-outs at completion and two years after also apply.

Perpetual reported a 12% increase in underlying net profit after tax for the first half of fiscal 2026. Revenue grew 2% while operating costs rose 3%, with the profit uplift underpinned by lower depreciation, equity remuneration, interest, and taxes. Shares jumped 8% on the result.

Perpetual has three business units: an asset manager, a private wealth advisor, and a corporate trust service provider. Acquisitions form part of the group’s strategy to build scale and expand its products and services.

Perpetual has three business units: an asset manager, a private wealth advisor, and a corporate trust service provider. Acquisitions form part of the group’s strategy to build scale and expand its products and services.

Most of our covered ASX-listed asset managers, including Perpetual, GQG, and Magellan, have underperformed the S&P/ASX 200 Total Return Index since the start of 2025. The only exception is L1 Group, which recently completed the Platinum acquisition.

Perpetual's underlying profit after tax for fiscal 2025 reduced by 1% from the prior year to AUD 204 million. The group cost-to-income ratio increased by 1% to around 80%. Operating cost growth was 4% during the year, with the firm guiding to between 2%-3% in cost growth for fiscal 2026.

Perpetual has three business units: an asset manager, a private wealth advisor, and a corporate trust service provider. Acquisitions form part of the group’s strategy to build scale and expand its products and services.

Most of our covered ASX-listed asset managers have underperformed the S&P/ASX 200 Total Return Index since the start of 2025.

ASX-listed asset managers saw mixed shareholder returns relative to the S&P/ASX 200 index over the year to March 2025.

Perpetual has three business units: an asset manager, a private wealth advisor, and a corporate trust service provider. Acquisitions form part of the group’s strategy to build scale and expand its products and services.

Shares of Perpetual are down 34% for the year to April 8, 2025. Net outflows from the asset management business have persisted since fiscal 2017, even with the acquisitions of Trillium, Barrow Hanley, and Pendal.

Perpetual's underlying net profit after tax for first-half fiscal 2025 increased by 2% from first-half fiscal 2024 to AUD 101 million, with all three business segments reporting profit increases. The firm also announced additional cost-saving targets as part of a new business simplification program.