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Perpetual’s US asset manager purchase approved

— 1 minute read

Perpetual has received the green light for its acquisition of a 75 per cent stake in US investment manager Barrow Hanley.

All conditions have been met for the Australian company’s $465 million purchase of the majority interest in Barrow, Hanley, Mewhinney & Straus LLC (Barrow Hanley) from BrightSphere Investment Group. 

It is now anticipated the transaction will close on or close to 18 November, earlier than its previous 30 November deadline. 

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Upon completion, Perpetual has promised to host an investor briefing, before it reveals more its global distribution strategy at its investor day on 9 December.

Perpetual has previously said the purchase will more than triple its funds under management (FUM) from $28.4 billion to $92.3 billion

After the acquisition, Perpetual’s FUM will be comprised of 14 per cent Australian equities, 48 per cent US equities (inclusive of 6 per cent from its other recent purchase, Trillium), 11 per cent global equities and 27 per cent cash and fixed income.

 

Perpetual’s US asset manager purchase approved
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Sarah Simpkins

Sarah Simpkins

Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth. 

Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio. 

You can contact her on [email protected].

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