Australian Fund Manager Completes Acquisition Of Pendal Group And Its US-Based Investment Managers

Press Release
January 2023

Australian fund manager completes acquisition of Pendal Group and its US-based investment managers

Listed Australian fund manager Perpetual (ASX:PPT), a 137-year-old asset management, wealth management and corporate trust business, today formally completed the acquisition of Pendal Group (ASX:PDL), with the acquisition including two prominent US-based investment managers.

First announced on 25 August 2022, Perpetual has acquired Pendal and its multi-boutique brands including Virginia-based, value-orientated investment manager Thompson, Siegel & Walmsley (TSW), and global fund manager J O Hambro Capital Management (JOHCM).

These businesses, along with Pendal and Regnan, are now part of Perpetual’s muti-boutique group which also includes Boston-based ESG asset management firm Trillium Asset Management, and Dallas-based value asset management firm Barrow Hanley Global Investors. Perpetual’s existing Australian investment, wealth management and corporate trust business will make up the broader Perpetual group.

The combined group will have approximately AUD$200 billion in assets under management and will create a global leader in multi-boutique asset management with significant scale, diversified investment strategies, world-class ESG capabilities and a stronger global distribution capability, complemented by high-quality wealth management and trustee businesses.

Perpetual Managing Director and CEO Rob Adams said: “Today is the beginning of an exciting new chapter for the broader group, and collectively our people, our clients and our shareholders. The Perpetual and Pendal businesses, including all the boutique brands, are stronger together and are better positioned to invest in and drive our future growth through the expansion of investment capabilities, while benefiting from a step change in scale, management of ESG assets and our significantly enhanced global operating model.

“In the same way Trillium and Barrow Hanley have continued to operate as boutiques with investment autonomy following the respective acquisitions by Perpetual, the J O Hambro, TSW and Regnan brands will all be maintained, and crucially, each business will maintain investment autonomy.

“Fundamentally there will be no change to the way client money is managed or how the many partnerships formed with clients over the years are maintained. In many respects it’s business as usual, albeit as part of a larger, more diverse global asset management business with an enlarged global distribution team to support all our clients’ needs across all our brands.”

The new group will now have a presence in the US (New York, Richmond (Virginia), Chicago, Boston, Dallas, San Francisco, Berwyn), Europe (Paris, Prague, Munich, London, Edinburgh, Amsterdam) Asia (Singapore, Hong Kong) and Australia.

To find out more about the acquisition, read Perpetual’s Australian Stock Exchange announcement here.

About Perpetual

Perpetual Limited (“Perpetual”) is an ASX listed (ASX:PPT) global financial services firm operating a multi-boutique asset management business, as well as wealth management and trustee services businesses.

Perpetual owns leading asset management brands including Perpetual, Pendal, Barrow Hanley, J O Hambro, Regnan, Trillium and TSW.

Perpetual’s private wealth business services high-net worth clients, not for profits, and small businesses through brands such as Perpetual Private, Jacaranda Financial Planning and Fordham.

Perpetual’s corporate trust division provides services to managed funds, the debt market and includes a growing digital business, encompassing Laminar Capital.

Headquartered in Sydney, Perpetual services its global client base from offices across Australia as well as internationally from Asia, Europe, the United Kingdom and United States.

For more information please contact TSW directly.

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