Perpetual sells Wealth Management to Bain Capital

Mike Taylor

Managing Editor/Publisher, Financial Newswire

16 March 2026

Perpetual has announced the sale of its Wealth Management business to Bain Capital Private Equity.

Perpetual has announced to the Australian Securities Exchange (ASX) that it has entered into a binding agreement to sell the business for an upfront cash payment at completion of $500 million, a potential additional upfront cash payment at completion based on performance and an earn-out amount of up to $50 million.

As part of the transaction, Perpetual will license the brands “Perpetual Wealth” and “Perpetual Private” to Perpetual Wealth Management Group for a period of 15 years while continuing to own all rights to the brand.

The announcement said the transaction will be implemented via the sale of all the shares in Perpetual PWM Services as the head company of the Perpetual Wealth Management Group and is on a cash and debt free basis.

It said net cash proceeds from the transaction will be used to reduce debt and support investment in organic growth in the Asset Management and Corporate Trust businesses.

Commenting on the deal, Perpetual chief executive and managing director, Bernard Reilly said the company believed it had achieved the right outcome for shareholders, clients and people.

“This is a pivotal step in our strategy to simplify and transform Perpetual,” he said. “Following completion, Perpetual will have a stronger balance sheet and more simplified business, focused on two core businesses – asset management and corporate trustee services.”