• Perpetual to sell Wealth Management business to Bain Capital for $500 million upfront, with potential for additional $100 million
• Perpetual to focus on Asset Management and Corporate Trust businesses
• Simplify operations, strengthen balance sheet, and invest for growth

Perpetual Limited has released a presentation for the Macquarie Australia Conference, outlining the company's strategic direction following the sale of its Wealth Management business. Perpetual has entered into a binding agreement to sell the Wealth Management business to Bain Capital Private Equity for an upfront cash payment of $500 million, with potential for an additional $50 million at completion and a further $50 million earn-out payment two years after completion. The sale is subject to regulatory approvals and other customary conditions. The net proceeds from the sale will be used to repay debt, leaving Perpetual with a pro-forma net debt to EBITDA position of around 0.2x. Following the sale, Perpetual will be a simpler, stronger, and more focused company, comprising its Asset Management and Corporate Trust divisions. The Asset Management business has a global footprint with $219.2 billion in Assets Under Management, while the Corporate Trust division provides fiduciary, custody, and digital solutions to the banking and financial services industry. Perpetual's key priorities for the year include accelerating the performance of the J O Hambro boutique, retaining its market leadership position in Corporate Trust, investing in new products and capabilities across Asset Management, and delivering on its cost reduction commitments under the Simplification Program.

Perpetual expects to deliver total expense growth of between 1% - 2% for FY26, in line with previous guidance.