KKR to buy Perpetual wealth, corporate units

The buyout leaves Perpetual as a standalone asset management business that will manage around A$227bil in assets. — Reuters

SYDNEY: Perpetual says that buyout giant KKR & Co would acquire its wealth management and corporate trust businesses for A$2.18bil (US$1.43bil), sending the Australian financial services firm’s shares to a five-month low.

Perpetual also announced the retirement of its chief executive officer and managing director, Rob Adams, bringing an end to a months-long strategic review of the company.